Iforex Tips - Amid mixed cues from Asian currency markets, the rupee depreciated 6 paise to 66.48 against the US dollar in early trade on Friday.The Domestic currency had settled 0.46 per cent higher at 66.42 against the greenback in the previous session.
On Friday, Asian currencies such as Taiwanese dollar (0.43 per cent), Japanese yen (0.07 per cent) and Chinese yuan (0.03 per cent) were trading higher. On the other hand, Korean won (0.31 per cent), Indonesian rupiah (0.18 per cent) and Malaysian ringgit (0.10 per cent) were trading lower.
The Dollar index, which tracks the movement of dollar against a basket of six major world currencies, fell 0.27 per cent to 99.
Some experts see the domestic currency to remain in a band of 67-69 in the coming year.
"With China expected to devalue its currency to maintain its export competitiveness in the coming years, we should see emerging market currency coming under pressure. The rupee could trade in the band of Rs 67 to 69 against the dollar in the next year," Murthy Nagarajan, Head-Fixed Income, Quantum AMC. Rupee has depreciated 5.11 per cent so far this calendar.
This has been better than 19 per cent fall in ringgit, 11.76 per cent in rupiah, 7.14 per cent in won and 6.53 per cent in Singapore dollar. Yuan has depreciated 4.29 per cent this year. Yen meanwhile has dropped 2.3 per cent.
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