The Rupee inched 1 paise lower to 64.97 against the US Dollar in early trade on Tuesday after home sales data released in the US diminished hopes of a shift in the policy stance of the US Federal Reserve in a two-day policy review that begins later in the day.
The Domestic currency had depreciated 12 paise to close at 64.96 against the greenback in the previous session, led by dollar buying by domestic banks and importers. US stocks fell in overnight trade after data showed new home sales stood at 4,68,000 in September, which was significantly less than market expectations. Tracking the readings, most Asian currencies firmed up against the greenback. The Japanese yen advanced 0.28 per cent to 120.76 against the dollar. The Taiwanese dollar (up 1.08 per cent), Korean won (0.39 per cent), Thai baht (0.11 per cent), Singapore dollar (0.12 per cent) and Indonesian rupiah (0.24 per cent) all gained. The Chinese yuan stood at 6.34, up 0.08 per cent.
Meanwhile, some experts believe that the domestic currency may appreciate against the dollar this week. "We expect a 'risk-on' rally globally to support emerging market currencies this week. The rupee, after trading in a narrow band of 64.73-65.22 against the US dollar last week is likely to appreciate and inch closer to the 64.5 level.
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