Continuing its fall for the fourth straight session, the rupee lost 21 paise against the US dollar to 66.19 in early trade on Thursday. The domestic currency settled 10 paise lower at 65.98 against the greenback in the previous session on persistent dollar demand from banks and importers.
The
dollar index, which tracks dollar movement against a basket of six
major world currencies, stood at 96.13, up 0.07 per cent. A stronger
dollar in the overseas market may hurt sentiments in the currency
market.
Meanwhile,
data on consumer durables, jobless claims and new home sales will be
released in the US later in the day. US Federal Reserve chairman
Janet Yellen will deliver a speech in Massachusetts, US during the
day. The Fed kept interest rates unchanged at its monetary policy
review last week.
The
forthcoming CPI print as well as the outlook on prices should be
comforting for the central bank. At the same time, headwinds to
growth arising from weak exports (and also rural demand) have only
increased in recent months. This growth-inflation dynamic warrants a
more accommodative monetary policy. Thus, we expect a 25-basis point
rate cut in the forthcoming monetary policy review.
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