Recovering from a two-month low, the rupee appreciated 10 paise to 66.37 against the US dollar in early trade on Tuesday.
The domestic currency had slipped 28 paise to 66.47 against the greenback in the previous session on fresh month-end dollar demand from importers and banks.
On Monday, preliminary November PMI manufacturing for the US came in at 52.6 compared with 54.1 in October. A lower PMI reading has raised hopes that the trajectory of rate hikes in the US will be gradual.
Most Asian currencies were trading higher against the greenback. The Malaysian ringgit was up 0.70 per cent, the Taiwanese dollar advanced 0.62 per cent and the Korean won gained 0.26 per cent. Singapore dollar, Japanese yen and Thai baht added between 0.11 per cent and 0.22 per cent.
Year-to-date, the rupee has fallen 5.2 per cent against the greenback, compared with a 10 per cent fall in the Indonesian rupiah and a similar fall in the Thai baht. The domestic currency has been consolidating around 66-66.50 levels of late.
Year-to-date, the rupee has fallen 5.2 per cent against the greenback, compared with a 10 per cent fall in the Indonesian rupiah and a similar fall in the Thai baht. The domestic currency has been consolidating around 66-66.50 levels of late.
India Ratings believes even as the rupee has shown signs of consolidation in the past couple of weeks, the predominant bias is towards a weakness. For now, the agency sees the domestic currency trading in a range of 66 to 66.50.
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