Rupee weakens as corporates buy dollars

The rupee weakened on Monday as corporates went on a dollar buying spree because of the Greece crisis.

The rupee opened at 63.80 compared with previous close of 63.64 and at 11:45 am, it was trading at 63.92 Financial Astrology Trading Tips

The Greece Prime Minister Alexis Tsipras called for a surprise July 5 referendum on the creditors' latest bailout proposal, and on Sunday decided to shut banks till July 6. Capital controls were also and imposed throughout the country to avoid a flight of cash Free Stock Share Tips

The European Union and International Monetary Fund responded by rejecting a request to extend Greece's bailout beyond the June 30 deadline.

According to currency dealers, the central bank may intervene later in the day. However, they added that this week the rupee may breach the 64 mark as the pace of intervention is seen limited Nifty Trading Tips