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The outlook for the rupee remains negative during the day unless the Reserve Bank of India (RBI) intervenes in the forex market through state-run banks.
At 12:20pm, the rupee was trading at Rs 62.50 compared with Friday's close of Rs 62.28 per dollar.
Currency dealers see the rupee weakening further this week. Last month, the rupee had touched an all-time low of Rs 68.85 in intra-day trade due to month-end dollar demand.
In the recent past, the foreign exchange reserves have dropped due to heavy intervention by the central bank.
