The rupee opened marginally weak at 59.17 against the dollar, eyeing the Reserve Bank of India's Monetary Policy due later today.
The currency had closed at 59.15 against the dollar on Monday. The rupee may be a little volatile ahead of the RBI's Monetary Policy due at 11.00 am. It is widely expected that the RBI would hold policy rates steady in its meeting today, in which case the currency might continue to trade in a range.
The rupee has shown some weakness in the last few trading sessions after threatening to breach the 58 levels soon after the Narendra Modi led government secured a majority in the recently concluded Lok Sabha elections.
Nontheless, the currency has recovered dramatically since falling to a historic low of 68.86 against the dollar in August last year. Check currency rates here
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