Rupee loses ground after RBI Policy; trades at 59.77

Business

oi-Sunil

By Sunil Fernandes

Published: Tuesday, July 30, 2013, 11:47 [IST]

The rupee lost ground in trade even as the RBI said it will reduce liquidity tightening measures taken recently in a calibrated manner as and when stability returns to the forex market.

The rupee was last trading at 59.77 to the dollar, a drop of 35 paise over Monday's close. The currency is now once again threatening to breach the 60 mark on sustained demand for the dollar owing to month end dollar demand.

Today's Monetary Policy Review by the RBI laid emphasis on restoring stability to the forex markets, as against the earlier RBI stance which focussed on the inflation-growth dynamics.

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