Rupee remains weak as market adjusts to Fed taper decision

Moves in the 62.27/29 band after few banks sold dollars

Rupee stayed weak against dollar in the morning session as the market continued to adjust with the US Fed's decision to begin tapering from January 2014.

Rupee opened lower at 62.40 against the greenback in morning trade. But it recovered to move in the 62.27/29 band after few banks sold dollars, said treasury executives.

Rupee had closed at 62.14 on Thursday.

US currency has remained firm in the wake of Fed's decision to cut its monthly bond buying from $85 billion to $75 billion from January.  

While the market has factored in the decision to taper, it still remains in adjustment mode, said head of treasury with public sector bank.