Rupee weakens to more than nine-month low; RBI seen intervening

Mumbai: The rupee fell to its weakest level against the dollar in more than nine months tracking a decline in domestic shares, although it rebounded on what traders cited as likely intervention by the Reserve Bank of India.

The rupee was trading at 62.2750/2800 to the dollar at 1:25 p.m., moments after falling to 62.3350, a level last seen on February 20.

Domestic shares are down for a fourth session in five, with the Nifty dropping 0.6 per cent.