Rupee fell 18 paise to 66.42 against the US Dollar after gaining 9
paise in early morning trade on Friday.
The Domestic currency had declined 5 paise at 66.24 against the greenback
in the preceding session on fresh dollar demand by banks and
importers amid a steep fall in crude oil prices.
Globally,
all eyes are on the US jobs data. Figures on US unemployment rate and
non-farm payrolls, scheduled for release later today, are expected to
provide hints on whether the US Federal Reserve is on track to hike
interest rates during its two-day money policy review beginning
September 16.
Data
released overnight showed initial jobless claims in the US rose by
12,000 to 282,000 for the week ended August 29.
The
US dollar index, which tracks the greenback against a basket of six
major rivals, fell 0.09 per cent to 96.32.
Murthy
Nagarajan, Head of Fixed Income at Quantum AMC, believes that rupee
should trade between 65 and 67 to the US dollar over next three to
four months.
"There
are talks in the market that RBI has been intervening in the market
at around 66.50 level. So whenever the market is down or when the
currency goes up beyond a particular range, there has been
intervention. What we can say is that over a longer period of time
the currency should stay in a range of around 65 to 67 because our
current account — our dynamics are much better, ours is still a
growth economy and we will see FII flows coming to the market,"
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