The Rupee strengthened 26 paise to 65.70 against the US Dollar in early
trade on Wednesday.
The
domestic currency had appreciated against the greenback in the
previous session after the Reserve Bank of India (RBI), in a surprise
move, cut the short-term borrowing rate, or repo rate, by 50 basis
points in its policy review to 6.75 per cent on Tuesday.
Persistent
dollar selling banks and exporters further boosted rupee as the local
currency ended up rising 9 paise to close at 65.96 on Tuesday.All
eyes would now be on the US nonfarm payrolls numbers for September,
which is scheduled for release on Friday.The market would also take
cues from the US Fed Chairwoman Janet Yellen's speech at the St Louis
Fed community banking research and policy conference on Wednesday.
Further
cues would be offered Stanley Fischer, vice-chairman, at the US apex
bank, who will deliver a speech at the Boston Fed.
After
remaining status quo on interest rate in the recent policy review,
the US Fed Chair last week indicated that the first rate hike since
2006 is still on cards and it could likely come in 2015 itself —
either in October or December policy meet.
Dollar
has weakened a bit post the recent policy review. But any further
clarity by Yellen on the rate hike may lift the US currency again.
The dollar index, which tracks dollar movement against a basket of
six major world currencies, stood at 95.89, up 0.04 per cent.
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