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The rupee's weakness continued in afternoon trades due to dollar demand from corporates and importers. Besides that there is dollar buying by state-run banks on behalf of the central bank to boost foreign exchange reserves.
At 12:05 pm the rupee was trading at Rs 61.80 compared with Friday's close of Rs 61.44 per dollar.
"The rupee may weaken more during the day as there sre bids from private oil marketing companies," said a forex dealer with a public sector bank.
Latest data from the Reserve Bank of India shows that foreign exchange reserves for the week ending September 27 fell by $1.1 billion to $276.26 billion.
