Rupee gained strength against the US Dollar in early trade on
Wednesday, inching up 10 paise to 65.30, on a slide in the greenback
on Tuesday.
The
domestic unit snapped a five-day winning spree against the US dollar
on Tuesday to close 12 paise lower at 65.41 on fresh demand for the
American currency from banks and importers.
On
Tuesday, the dollar weakened against the euro and yen as investors'
confidence in the Federal Reserve raising rates this year continued
to falter.
Murthy
Nagarajan, head for fixed income at Quantum Mutual Fund, believes the
recent rupee stability has been a combination of reduction in India's
inflation differential with the developed world and the emergence of
positive real interest rates, which have reduced the rupee's risk
premium.
"The
rupee will continue to outperform its emerging markets peers as it
has since the low of August 2013," Nagarjan said.
Meanwhile,
the dollar index, which tracks dollar movement against a basket of
six major world currencies, stood at 96.10.
Read More - i Forex tips
Written by Unknown
We are Creative Blogger Theme Wavers which provides user friendly, effective and easy to use themes. Each support has free and providing HD support screen casting.
0 comments:
Post a Comment