Rupee made a smart recovery and hit day's high of 63.57 against US dollar, up 10 paise after falling 9 paise in morning trade.The Indian currency had hit day's low of 63.75 against US dollar.However, dollar was seen strengthening against major world currencies on hopes the recovery in the economy would push the US Federal Reserve (Fed) for a rate hike sooner than later.Fuelling fears, St Louis Fed President James Bullard on Monday said that there is more than 50-50chance that the US Fed will raise interest rates in its September policy review.The domestic currency settled 19 paise lower at 63.66 against the greenback in the preceding session amid strong demand for the US currency from banks and importers
The dollar built further on a week of gains due to resurgent expectations for rises in U.S. interest rates on Tuesday, reaching a five week high against the yen and a three month peak against a basket of currencies.The dollar was steady at 124.30 yen, having hit a five week high of 124.48late in the Asian session. The dollar index against a basket of currencies extended this week's three month peak to 98.151.The U.S. currency has climbed steeply from a low near 120 yen plumbed at the start of the month when angst over the Greek debt crisis and sliding China shares triggered a rush into the safe haven Japanese currency, but the 125 threshold could be a tough ceiling to top.
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