The rupee traded slightly lower against the US dollar in morning trade on Tuesday, amid rising hopes that the US Federal Reserve would put off a rate hike when it reviews its monetary policy later this week.
The Domestic curreny
fell 1 paise to 66.34 against the greenback. It had risen 21 paise to
settle at 66.33 in the preceding session on fresh selling of dollars
by banks and exporters on account of upbeat domestic economic data
and weakness in the dollar overseas.
The Dollar index,
which tracks the movement of the greenback against a basket of six
major world currencies, stood flat at 95.25.
" As the debate
over a Fed hike rages, markets will probably stay volatile. While the
scenario for a stronger US dollar remains intact, a short-term
selloff cannot be ruled out. The rupee too will follow its regional
peers, which might not benefit in a strong dollar scenario. We expect
the rupee to maintain a weakening bias in the short term," said
India Ratings.
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