Rupee weakens again despite RBI measures

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The rupee weakened in trade as RBI measures announced on Monday seemed to fade away. The rupee was last trading at Rs 59.28 against the dollar, down 14 paise over Wednesday's close.

The dollar strength was seen across Asian currencies many of them which fell against the dollar. Dealers say that the rupee will continue to remain rangebound going forward despite a slew of measures announced by the RBI.

The Monetary Policy Review due next week would assume significance given worries that the RBI may further drain liquidity from the system by way of CRR hike. This is likely to see some impact on the rupee going forward.

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