Rupee weakens as shares fall; lower Asians
Mumbai: The rupee dropped early on Monday tracking losses in other regional peers and weighed by the fall in domestic shares which fell more than 1 percent early and raised concerns about capital outflows.
At 9:10 am the partially convertible rupee was trading at 46.37/38 per dollar, weaker than Friday`s close of 46.16/17.
Asian currencies were trading weaker compared to the dollar.
Shares fell more than 1 percent in early trade on Monday, with Infosys Technologies and Reliance Industries leading the decline, weighed down by weakness in global stocks.
At its monetary policy review on Friday, the Reserve Bank of India lifted the cash reserve ratio, the amount of funds banks must hold at the central bank, by a higher-than-expected 75 basis points and held key interest rates steady.
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