The Rupee strengthened by 21 paise to 66.34 against the US Dollar in
early trade on Wednesday amid a rally in global equity markets on
hopes that China will take enough fiscal measures to restrict the
slowdown in its economy.
The Domestic currency had closed 27 paise higher at 66.55 against the
greenback on Tuesday on fresh selling of the US currency by banks and
exporters.
The Dollar index, which tracks the movement of dollar against a basket of
six major world currencies, inched up 0.06 per cent to 96.04.
"If
you look at FII debt flow, it has not really left India. Equity flows
are going out, FII debt has not really deserted us. If FII debt
starts deserting us, obviously, there will be much more pressure on
the rupee,"
Currency
markets across the globe are keenly awaiting the US Federal Reserve's
move next week. The recent set of mixed economic data and volatility
in global financial markets have raised hopes that the Fed may not
hike interest rate at least in Septmeber.
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