Rupee declines

The rupee continued to witness slide, following an exceptional 100 basis points cut in the policy rate that caused buying pressure in the currency market, dealers said on Monday. The rupee closed at 102 against the dollar in the interbank market, down two paisas as compared to the previous closing of 109.98.
Dealers said the local currency opened at 101.97, but renewed dollar demand from investors after the monetary policy announcement made the market volatile.