Rupee extends losses on stocks, ITC outflows

Reuters Market Eye - The rupee extends losses as shares head for a fourth consecutive session of declines and on month-end dollar demand from importers. The pair at 59.32/33 versus last close at 59.04/05. The Nifty is down 0.3 percent after falling 3.2 percent over the previous three sessions.

Dealers also cite outflows to the tune of $250 million related to dividend payments by ITC .

For the year ending March 2013, ITC has declared an equity dividend of 5.25 rupees per share.

RBI to release macroeconomic review at 5 p.m., ahead of rate decision on Tuesday; will be closely watched for any comments on rupee.

 

(Reporting by Subhadip Sircar)