The rupee was trading weak at 62.32 against the dollar, as sentiments in the equity markets remained weak following poor closings across the US markets.
Dealers say that the rupee has begun the year on a bearish note. According to reports there has been some dollar demand from foreign funds, which led to decline on Thursday and further demand on Friday pushed the currency lower again.
The Indian currency has recovered substantial ground since falling to a historic low last year. The currency hit a low of 68.81 against the dollar in Sept last year after investors worried over the Fed's decision to taper its QE3 programme.
Dealers say that the currency would continue to trade in a range at least in the next few weeks, unless one sees major cues. Check rupee rates here
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