Rupee loses ground in afternoon trades against the dollar

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The rupee which gained 10 paise in early trade on strength in equities markets following a weak set of home sales in the US, gave up most gains in after noon trades.

The rupee was last trading at 59.73 against the dollar at 1 pm IST, losing 1 paise over Monday's close.

The RBI announced further measures late on Monday to reduce gold imports and improve the current account deficit to help prevent any more slide in the rupee.

Dealers say that the rupee is likely to remain rangebound in the near term in the absence of any fresh triggers.

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