The rupee which hit a three-week closing low of 59.38 on Tuesday, continued to head lower in trade and was last quoting at Rs 59.41 to the dollar in early trade on Wednesday.
Dealers say that the Reserve Bank of India has been intervening in the market to prevent a rapid appreciation in the rupee, which would hit exporters.
After threatening to breach the 58 mark a few weeks ago, the rupee has been losing momentum and has been grinding lower. There has been no significant inflows from foreign funds in the last few days, which has ensured that the rupee continues to show some signs of weakness.
The rupee last year had hit a historic low of 68.86 against the dollar, but, has recovered since than, thanks to measures from the Reserve Bank of India and the government. Check rupee rates here
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