Strengthening
for the fifth consecutive session, the rupee gained 27 paise against
the US dollar to hit the highest level of 64.24 since August 20,
thanks to less-than-expected US jobs data, which has raised hopes
that the US Federal Reserve might further delay a rate hike till
early 2016.
The
domestic currency had closed at 65.51 against the greenback on
Wednesday amid dollar selling by banks and exporters on hopes of more
foreign capital inflows into the domestic equity market. The forex
markets were closed on Thursday on account of Gandhi Jayanti.
The
domestic currency, the rupee, has been reasonably stable compared
with other emerging market currencies. It appreciated the most among
emerging market currencies last month as India remained insulated
from the economic woes in China, which doesn't have a very large
trade linkage with India
The
dollar index, which tracks dollar movement against a basket of six
major world fell 0.10 per cent to 95.73. "As we move into
December and people would again start anticipating a Fed rate hike,
you could actually see the rupee again sort of depreciate slightly.
It may again touch 67-odd levels to the dollar. But what is more
important is the kind of outlook and the terminal rate guidance that
the US Fed provides. That will actually in a way decide further
course of direction for the rupee.
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