Rupee trades at 59.80 against dollar; drops 14 paise

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Rupee trades at 59.80 against dollar; drops 14 paise
The rupee made a quiet start against the dollar dropping 14 paise in early trade, on dollar strength across a basket of currencies.

The rupee was trading at 59.73 against the dollar. Dealers say the rupee is likely to remain rangebound and attain a more stable level in the next few days.

Foreign funds have net sold in equities and debt for the last few days and this is likely to exert some pressure on the rupee going forward.

The RBI measures to hike MSF requirements for banks to drain liquidity from the system also failed to yield any results, as the rupee has not appreciated very much.

Read more about: dollar, currency
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