The Indian rupee lost ground against the U.S. dollar in evening deals on Monday, as the regional stocks declined, tracking weakness in global markets, amid concerns over China and prospects of a rate increase by the Federal Reserve.

Investors look ahead to first-quarter GDP data slated for release later in the day and August manufacturing and services data due this week for further direction.

The rupee slipped to 66.49 against the greenback, its weakest since August 25, from an early 5-day high of 66.215. At last week's close, the pair was valued at 66.15. The rupee is likely to find downside target around the 68.00 mark.

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