The Rupee depreciated by 12 paise to 64.87 against the US Dollar in early trade on Tuesday.
The Domestic currency had ended one paisa lower at 64.75 against the greenback in the previous session.
The Dollar index, which tracks dollar movement against a basket of six major world currencies, stood at 94.94, up 0.11 per cent.
Atlanta Federal Reserve Bank President Dennis Lockhart on Monday said there could be sufficient economic data for the Fed to consider a rate hike at its next meeting later in October.
As and when the US Fed starts hiking rates, it may have a positive impact on the dollar movement.
Meanwhile, data released in the morning showed China's exports declined 1.1 per cent in yuan terms in September, while imports slumped 17.7 per cent on a year-on-year basis.Nonetheless, the rupee looks poised for gain this week, India Ratings said in a note.
We expect the rupee to see further gains on the release of the first tranche of G-sec limit under the FPI framework this week. However, further gains in the short term may be capped as RBI's reserves build up, and may be affected by potential weakness in FPI investment in equities on poor corporate earnings.
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The Domestic currency had ended one paisa lower at 64.75 against the greenback in the previous session.
The Dollar index, which tracks dollar movement against a basket of six major world currencies, stood at 94.94, up 0.11 per cent.
Atlanta Federal Reserve Bank President Dennis Lockhart on Monday said there could be sufficient economic data for the Fed to consider a rate hike at its next meeting later in October.
As and when the US Fed starts hiking rates, it may have a positive impact on the dollar movement.
Meanwhile, data released in the morning showed China's exports declined 1.1 per cent in yuan terms in September, while imports slumped 17.7 per cent on a year-on-year basis.Nonetheless, the rupee looks poised for gain this week, India Ratings said in a note.
We expect the rupee to see further gains on the release of the first tranche of G-sec limit under the FPI framework this week. However, further gains in the short term may be capped as RBI's reserves build up, and may be affected by potential weakness in FPI investment in equities on poor corporate earnings.
Read More – I forex Tips
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