The Rupee depreciated 15 paise to 64.95 against the US dollar in early trade on Tuesday, in line with most other Asian currencies, as currency markets across the globe await a speech by the US Federal Reserve chair Janet Yellen scheduled later in the day.
The Domestic currency had closed at 64.80 against the greenback on Monday amid dollar selling by banks and importers.
We expect the Indian rupee to trade sideways this week, in the 64.50-65.1/dollar range. Foreign portfolio investors may take note of weak corporate earnings, as disinflation worries plague India Inc.'s revenue and profit,
The US currency was trading nearly flat at 119.50 against the Japanese yen. The Malasian ringgit, the Indonesian rupiah (at one week low), the Thai baht and the South Korean won declined. But the fall in Asian currencies could prove short-lived.
Asian currencies should trade firm on the lack of negative triggers, while the US dollar may strengthen against the majors such as the euro and Japanese yen on relative growth and inflation dynamics.The dollar index, which tracks the movement of dollar against a basket of six major world currencies, stood at 94.90, up 0.2 percent. Read More - Forex news
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