The
Rupee rose by 9 paise to 65.64 against the US dollar in early trade
on Tuesday. The domestic currency had settled 6 paise lower at 65.73
against the US dollar in the previous session on fresh dollar demand
from banks and importers.
Foreign
capital flows into the domestic equity market restricted the rupee's
fall against the US currency, forex dealers said. Weakness was seen
in the dollar against major global currencies on Tuesday. The dollar
index, which tracks the movement of the dollar against a basket of
six major world currencies, stood at 95.80.
The
strength in dollar will depend on how forex flows move. As things
stand, we are going to see a pullback in forex flows. We will
continue to get inflows from abroad and that will ensure that the
rupee remains reasonably stable. RBI will not allow excess
appreciation and, to that extent, the rupee may thus see a sideways
move
Among
global cues, Atlanta Federal Reserve president Dennis Lockhart will
deliver a speech in Alabama, US, later in the day. German PPI
(producer price index) and figures on the US housing price index will
also be keenly watched.
Read more - Forex News
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