Rupee falls to 59.86

The Indian rupee traded lower for the third straight session against the U.S. dollar on Friday. The partially convertible rupee traded at 59.83 as of 09.57 a.m. after earlier hitting 59.86 against Thursday's close of 59.67.

Government bonds also weakened in early trade ahead of an auction that will be a key signal to whether the central bank's steps aimed at keeping rupee liquidity tight are working.

Bond yields rose with the most traded 8.33 per cent 2026 bond yield rising 3 basis points to 8.13 per cent.

The rupee fell tracking renewed strength in the U.S. dollar, which rose against a basket of currencies as Ben Bernanke, chairman of the Federal Reserve, testified before Congress for a second day, this time to the U.S. Senate Banking Committee.

On Wednesday, Bernanke had reiterated to a U.S. House of Representatives panel his recent assurances that the U.S. central bank will only start phasing out its huge monetary support program once it is sure the economy is strong enough to stand on its own feet.

For more details http://profit.ndtv.com/news/forex/article-rupee-falls-to-59-86-rbis-bond-auction-eyed-324690

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