Rupee weakens after two-day rally; tracking stock moves

The rupee opened weaker on Monday after gaining in each of the previous two sessions, with domestic stocks expected to give further direction to the currency.

The rupee opened weaker on Monday after gaining in each of the previous two sessions, with domestic stocks expected to give further direction to the currency.

The rupee was trading at 59.46/47 to the dollar as against 59.385/395 Friday close. It hit a record low of 60.76 last week.

Foreign investors were buyers of $189.15 million of Indian equities on Friday, but continued to remain sellers in rupee-debt with sales of $114.09 million on Thursday.