Rupee edges lower tracking weak shares

Mumbai: The rupee is trading at 59.28/29 versus its close of 59.20/21,tracking weakness in the domestic sharemarket.

Traders will continue to monitor foreign fund flows into domestic share and debt market for direction. Foreign investors bought a net $826.9 million in debt markets on Friday, the highest single-day flows since Jan. 15.

The pair is likely to see some resistance around 59.40 levels, holding it in a 59.20 to 59.40 range for the day. Local stocks trading down 0.21 per cent.

Most other Asian currencies also weakened against the dollar. The dollar held steady versus a basket of major currencies on Tuesday, clinging to gains made the previous day thanks to higher US bond yields after last week's solid US jobs report.