The Rupee started 3 paise higher at 65.25 against the US Dollar on Friday morning, a day after it had slumped 38 paise to hit a three-week low of 65.31.
There was month-end dollar demand in the market on Thursday, which put pressure on the domestic unit even when the greenback was actually weakening. The US dollar, which has been reversing the gains notched up over the past few days after the US Fed decision to hold rate in its October review, broke above an important downtrend resistance on Thursday.
The dollar has been losing strength following the People's Bank of China's decision to cut its one-year benchmark interest rate to 4.35 per cent and 50 bps reduction in its reserve requirement ratio last week.
Read More - Forex News
Read More - Forex News
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