Rupee trades 3 Paise Lower Against US dollar

The Rupee fell by 3 paise to 66.43 against the US dollar in early trade on Wednesday, as the greenback strengthened globally following a better-than-expected US consumer confidence data released overnight. 

The Domestic currency had snapped an eight-day winning streak in the previous session by falling 21 paise for the day to 66.40. In the US, consumer confidence climbed to 96.5 in December from 92.6 the previous month, the Conference Board said on Tuesday. This was higher than a consensus estimate of about 93.5. Another data point suggested growth in US home prices was stable at 5.5 per cent year on year in October.
 

The Dollar index, which tracks the movement of the dollar against a basket of six major global currencies, rose 0.12 per cent to 98.22. Asian currencies, including the Indonesian rupiah (down 0.36 per cent), the Singapore dollar (down 0.20 per cent), the Korean won (down 0.19 per cent), the Chinese yuan (down 0.07 per cent) and the Japanese yen (down 0.03 per cent) edged lower. The Taiwanese dollar (up 0.64 per cent), the Malaysian ringgit (up 0.10 per cent) and the Thai baht (0.03 per cent) advancxed.
 

Experts expect the rupee to remain rangebound in the short term. "The rupee is hovering in the 66-66.50 range. We expect it to remain in this range in the short term," said Akhil Mittal, Senior Fund Manager (Fixed Income), Tata Mutual Fund. With a fall of 5 per cent this year, the domestic currency has fared relatively well against its Asian peers, which have fallen up to 19 per cent during the same period.

Browse More Articles

Tweet

Written by Unknown

We are Creative Blogger Theme Wavers which provides user friendly, effective and easy to use themes. Each support has free and providing HD support screen casting.