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Indian rupee fell to nearly a one-month low on Tuesday as demand for the dollar strengthened by foreign institutional investors looking to exit their positions or hedge their exposure.
At 13.07 IST, the rupee was trading at 64.54 to the dollar, 23 paise lower than its previous close. Both nationalised banks and foreign banks were buying the greenback heavily since the beginning
On Monday, the rupee had closed 7 paise higher from its Friday close, after having seen higher gains earlier in the session. However, towards the end of trade, demand for the dollar returned and many
Despite the dollar gaining against other currencies, a positive stock market and increased inflow from foreign portfolio investors supported the rupee.
The Indian rupee gained in the early trade on Monday. It has opened higher by 10 paise at 64.27per dollar versus Friday's close 64.37.Pramit Brahmbhatt of Veracity said, "Consolidation near 64.20/USD
"Overall the rupee has been strengthening this year due to higher foreign fund inflows due to reforms like GST. But now exporters are also selling dollars on one hand and they are started
The domestic currency has been Asia's best performer this year and its rising clout against the US dollar has been aided by a hands-off approach by the RBI.
The rupee on Friday opened 6 paise weaker against the dollar at 64.22 as nationalised banks bought the greenback heavily in early trade.
Analysts said that despite the market getting a status quo policy from the US Federal Reserve, the dollar grew in strength because of comments that hinted at a rate hike in June.
lack of dollar strength is likely to be good for emerging markets and so from a long-term perspective, Indian equities and rupee is well placed, said Manpreet Gill, Senior Investment Strategist
The dollar index, which measures its strength against six other currencies, rose to its highest level in almost 6 weeks as the Fed's hawkish commentary indicated that rates may be hiked
The rupee is consolidating after sharp gains in March and April. We expect the USD-INR pair to trade in a range of 64.10-64.40/dollar for the day, says Mohan Shenoi of Kotak Mahindra Bank.
After having opened higher against the dollar on Wednesday, the rupee stayed in a narrow range for most of the day, as investors refrained from taking long positions ahead of key global cues, dealers
as early as next month, which would be supportive of the dollar.
Analysts said the strength in the rupee was also partly due to strength in the domestic equity market and a weak dollar overseas.
The rupee on Wednesday opened 9 paise higher against the dollar at 64.12, as exporters and custodian banks sold the greenback in early trade.
The rupee resumed higher at 64.12 a dollar as against the last weekend's level of 64.24 at the Interbank Foreign Exchange market and moved in a range of 63.9975 and 64.19 before quoting at 64
The rupee on Tuesday opened 11 paise stronger against the dollar at 64.13, as exporters and banks sold the greenback heavily in early trade.
The Indian rupee opened marginally higher at 64.18per dollar on Tuesday versus 64.24 Friday.Bhaskar Panda of HDFC Bank said, "US yields rose on Monday on the back of Mnuchin's comments. But Dollar
Today, I expect the pair to start around 64.25/dollar level and trade in an intraday range of 64.15-64.35/dollar range, says Bhaskar Panda of HDFC Bank.
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