Rupee Slips to 59.30 Tracking Weakness in Shares

The rupee traded at 59.30/31 versus its close of 59.20/21 on Monday, tracking losses in the domestic share market and falls in other Asian currencies versus the dollar.

Traders will continue to monitor foreign fund flows into the domestic share and debt markets for direction. Foreign investors bought a net $826.9 million in debt markets on Friday, the highest single-day flows since Jan. 15.

The pair is likely to see some resistance around 59.40 levels, holding it in a 59.20 to 59.40 range for the day, traders say.

Local stocks were down 0.4 percent.

Most emerging Asian currencies dipped as US Treasury yields underpinned the dollar, while the Chinese yuan rose to its strongest level in more than three weeks after the central bank's firm guidance.

Copyright: Thomson Reuters 2014