The Rupee depreciated by 8 paise to 64.82 against the US Dollar in early trade on Monday.
The Domestic currency had ended up with gains of 77 paise last week to close at an eight-week high of 64.74 against the greenback on persistent dollar selling by banks and exporters.
The US Dollar hit multi-week lows against the euro and Swiss franc on Friday, a day after the minutes of the Federal meeting boosted expectations of a delay in rate hike.
The Dollar index, which tracks dollar movement against a basket of six major world currencies, was trading at 94.80 early Monday.
However, the rupee is expected to gain strength as foreign institutional investors (FIIs) are primed to pump as much as Rs 16,500 crore ($2.55 billion) into the Indian debt market on Monday with higher limits set by the Reserve Bank of India kicking in on government securities,
There are FIIs out there with cheques in hand waiting to bring in the dollars. It is likely that all of it will come on Monday, as the rupee is seen as a stable currency and India's yields are also attractive," Krishnamoorthy said, adding that he expects the rupee to rise close to 64 to the dollar over the week from Friday's close of 64.73 Read More - Forex And i forex News
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