The rupee on Monday slipped against the dollar, struggling to retain the gains seen on Friday, when the Indian currency rebounded sharply ending a five-day losing streak.
The rupee opened at 63.69 per dollar, down 0.54% from its Friday’s close of 63.35.
On Saturday, finance minister met foreign institutional investors (FIIs) and top bankers to discuss present market conditions and steps taken by the government to contain the fiscal and current account deficits.
The rupee had rebounded on Friday primarily due to the assurance of finance minister P. Chidambaram that the government was in control of the fiscal situation and had no intention to impose capital controls.
At 9.13am, the local currency was trading at 63.86 per dollar, down 0.79%, while India’s equity benchmark Sensex was trading at 18,602.56 points, up 0.45%.
Source:- livemint.com
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