Rupee slips further; trades at 65.40 against dollar

The local unit hit a low of 65.41 and a high of 65.25 against the US dollar in Monday trades.

Indian rupee today opened at 65.10 against the dollar, lower by 10 paise versus 65 on Friday. The local unit hit a low of 65.41 and a high of 65.25 against the US dollar in Monday morning trades. Global cues are not really upbeat with most of the Asian markets in the red.The currency which has been falling past seven days also took a pause on Friday on account of buying of dollars by state run banks, which was likely on behalf of RBI. The yuan's over 4% devaluation over the last three trading sessions was the biggest reason for the sharp selloff in the rupee last week.

The rupee ended ended at 65.13/$ on Friday.The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.92 and for Euro stood at 72.55 on August 14, 2015. While, the RBI’s reference rate for the Yen stood at 52.35, the reference rate for the Great Britain Pound (GBP) stood at 101.6171.