Forex tips : Rupee appreciated against dollar in the morning session today. The domestic currency was trading at 63.71 against the US dollar, up 4 paise over its previous close of 63.80 against the greenback. "From a currency perspective, I do not see dollar-rupee going down significantly below 63.50 or 63.60. On the upper side, I see it moving more towards 64.50 in the short term. We look for the fiscal year more and we believe it may average out at Rs 63 per dollar in the fiscal year 2015-2016, which will be roughly around 3% depreciation from Rs 61.14 paisa average price which we had seen in FY 2014-2015.
Dollar index on track for monthly gains on Fed lift-off expectations
The dollar index steadied on Friday and was set to resume a monthly winning streak after a break in April, with investors likely to look past soft first-quarter U.S. growth numbers after recent activity data pointed to a more sustained recovery. That, along with higher core inflation, has kept alive expectations that the Federal Reserve will lift U.S. interest rates later this year. The dollar index was steady at 97.023, with the greenback slight lower against the euro but at a three-week high against the British pound and flat against the yen. For the month, the index is up 2.5 percent, having shed 3.8 percent in April. Traders cited a warning from Japanese Finance Minister Taro Aso as a factor behind the dollar's move away from Thursday's high of 124.46 yen. That was a 12-1/2 year peak for the dollar which was last trading at 123.90, flat on the day.
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