The Rupee
Depreciated by 19 paise to 65.86 against the US dollar in early trade
on Monday.
The domestic
currency had closed at 65.67 on Friday, logging its biggest daily
gain in two years, following the US Federal Reserve's decision to
maintain its ultra-low interest rates for some time.
The greenback was
seen rising against major global currencies. The dollar index, which
tracks dollar movement against a basket of six major world
currencies, stood at 95.12.
Though we expect the
rupee to depreciate against the dollar on REER basis, the extent of
depreciation will be less than other emerging market currencies i.e.
the rupee will appreciate against a basket of EM currencies
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