Fresh capital outflows and dollar gains in overseas markets also weighed on the currency
Forex dealers attributed the fall in the rupee to the dollar's strength against other global currencies
On Friday, the rupee ended at 62.42 to a dollar
Earlier, the central bank surprised markets by reducing benchmark interest rate by 0.25% to 7.5%
The reserves have been rising because the central bank has been mopping dollar flows through state-run banks
The domestic currency moved in a range of 62.39-62.81 during the day
Despite Thursday's weakening, the rupee has appreciated by 37 paise since the start of 2015
Banks can now convert any amount of debt into equity, but many believe the relief will be short-lived
Mushtaq Shah and strategic advisor Faraz Naqvi have funded in their private individual capacities
Forex dealers attributed the fall in the rupee to increased demand for the dollar from importers
The rupee's longest run of gains since June 2011 ended amid renewed dollar demand in view of a higher dollar in the international market, says a forex dealer
Is seen holding in a 61.50 to 63.00 range in the near term
Appreciation of the US currency overseas affected the rupee
At $161 bn, corporates' forex borrowings have grown at a CAGR of 15.6% since 2008, outpacing GDP and earnings growth in dollar terms
The rupee has now gained 71 paise or 1.13% against the US dollar in seven straight trading sessions
Experts say transition will atleast take 6-12 months