Rupee trades weak at 59.16 to the dollar

The rupee was trading weak at 59.16 to the dollar, down 12 paise over Tuesday's close. The currency was slightly lower on profit booking in equities and some modest selling seen by foreign funds in the cash markets of the equity segment in the last few days.

Dealers say that the RBI may intervene should the currency appreciate dramatically, though they fell that the rupee may have finished gains as the euphoria surrounding the new govt has now subsided.

Forex markets may now want to see action from the government as a lot of expectations have been built up. The rupee is likely to trade in a range until the Union Budget, which could be the next trigger for the forex markets. Check currency rates here

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