Rupee falls to 90.27 against dollar amid trade deal delay

Mumbai: The rupee retreated another seven paise against the dollar to close at 90.27 on Monday, with a greater probability for further slippages, as a combination of negative factors ranging from a delayed trade deal with the US and diminished foreign appetite for Mumbai-listed equities is expected to weigh on the local unit, experts said.

The rupee slumped from the previous close of 90.19 on Friday amid safe-haven pressures, dealers said. The Reserve Bank of India (RBI) likely intervened, as the rupee touched 90.29 levels, to curb excess volatility. However, the central bank intervention was not aggressive, dealers said. The currency traded in a range of 90.295 and 90.19.

"The RBI intervened near the 90.30 levels, but it was only to curb the deprecation and not to turn the tide," said Ritesh Bhansali, deputy CEO, Mecklai Financial Services.