The
rupee depreciated 10 paise to 66.32 against the dollar in early trade
on Wednesday.
The
domestic currency had settled at 66.22 against the greenback in the
preceding session, up 26 paise, or 0.39 per cent.
"The
new range for the rupee now seems to be 65-67. It can also go down to
67.5. The weakness in the equity market has added to the pressure,"
said Suresh Nair, director, ADMISI Forex.
The
local unit fell 3.5 per cent in the last one month. The trend could
continue if the US Fed increases interest rates on September 17.
The
dollar index, which tracks the greenback against a basket of six
major currencies, was up 0.18 per cent at 95.62 on Tuesday.
As
regards the dollar-rupee exchange rate, there is going to be a lot of
volatility, said Ashutosh Khajuria, President (Treasury) at Federal
Bank.
The
dust has more or less settled, but there would be a gradual
depreciation of the rupee vis-a-vis dollar. RBI would also not mind
if there is a slow-paced depreciation of rupee, representing the real
effective exchange rate," Khajuria said in an interview to ET
Now.
All
eyes will be on the US factory order numbers and crude inventory data
scheduled for release later in the day.
Read More - Forex News
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