Rupee begins week on a bearish note; skids 29 paise at 60.94 to the dollar
The rupee began the week on a bearish note, as global cues played spoilsport. The currency which had closed at 60.65 on Friday, dropped 29 paise on opening and was last trading at 60.94 to the dollar.
Last week the rupee had dipped past the 61 mark.
Weak global cues were responsible for the bearish start, particularly weakish data from China. Indian stock markets are also likely to open weak after a poor IIP data.
The rupee is expected to continue to trade in a range in the absence of global cues. Check rupee rates against major currencies here