The Rupee appreciated 18 paise to 66.12 against the US dollar in early trade on Thursday. This was in line with the gains seen in most Asian currencies after the minutes of recent US Fed policy meet suggested that a rate hike in the US will be gradual in nature.
The Domestic currency had settled 27 paise lower at 66.30 on Wednesday amid sustained dollar demand from banks and importers. The minutes of the October 27-28 meeting of the US Federal Open Market Committee (FOMC) released overnight suggested that most US policymakers believed conditions for a rate hike could well be met by the time of the next FOMC meeting.
Meanwhile, participants generally agreed that it would probably be appropriate to remove policy accommodation gradually, the minutes added.
The Dollar index, which tracks the movement of dollar against a basket of six major world currencies, stood at 99.21.
Most Asian currencies jumped. Taiwan dollar climbed 0.83 per cent; Malaysian ringgit jumped 0.76 per cent, while Korean won advanced 0.56 per cent. Thai baht Singapore dollar, Japanese yen and Chinese yuan also appreciated by up to 0.22 per cent.
The Domestic currency had settled 27 paise lower at 66.30 on Wednesday amid sustained dollar demand from banks and importers. The minutes of the October 27-28 meeting of the US Federal Open Market Committee (FOMC) released overnight suggested that most US policymakers believed conditions for a rate hike could well be met by the time of the next FOMC meeting.
Meanwhile, participants generally agreed that it would probably be appropriate to remove policy accommodation gradually, the minutes added.
The Dollar index, which tracks the movement of dollar against a basket of six major world currencies, stood at 99.21.
Most Asian currencies jumped. Taiwan dollar climbed 0.83 per cent; Malaysian ringgit jumped 0.76 per cent, while Korean won advanced 0.56 per cent. Thai baht Singapore dollar, Japanese yen and Chinese yuan also appreciated by up to 0.22 per cent.
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