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Rupee Falls To Fresh 3-Month Low Against US Dollar Today, Nears 65/USD

In today's trade, the rupee traded in the range of 64.94 and 64.74 against the US dollar.

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Rupee Falls To Fresh 3-Month Low Against US Dollar Today, Nears 65/USD

At day's low, rupee (INR) fell to 64.94 against the US dollar (USD).


The rupee (INR) fell to a fresh 3-month low of 64.94 against the US dollar (USD) today, extending its decline to the third day. On Tuesday, the rupee ended lower by 58 paise at 64.79 against US dollar, its biggest one-day fall so far this year. A broad strengthening of US dollar, outflows from domestic stock markets and higher demand of the greenback weighed on the rupee, traders said. In recent trade, the rupee was at 64.86 against the US dollar.

 

Five Things To Know About US Dollar-Rupee Rate Today:


The rupee traded in the range of 64.94 and 64.74 against the US dollar today amid heavy demand for the American currency from importers.

The selloff in the domestic equity markets also weighed on the rupee. Foreign investors so far this month have pulled out a staggering $1 billion from the Indian stock market.

The US dollar, measured against a basket of other currencies, has recovered from three-year lows. The dollar index, which measures the greenback against a basket of currencies, was higher 89.828, after hitting a one-week high of 89.857. It hit a three-year low of 88.253 on February 16. Investors are looking forward to the minutes of the US Federal Reserve's January 30-31 policy meeting for any signs of a hawkish tone.

(Read: Rupee Slides Past 65 Against US Dollar For First Time In 3 Months)

The dollar has also benefited from the higher yields. US treasury yields have risen in the wake of higher government borrowing. The US Treasury Department has issued more debt in anticipation of a higher deficit from last year's major tax overhaul and a budget deal that will increase federal spending over the next two years.Rupee could remain under pressure if outflows from capital markets continue, says forex advisory firm IFA Global. It expects rupee to trade in the range of 64.72-65.08 against the US dollar. "Technically, USDINR pair has breached the trendline resistance of 64.70 in Tuesday's session opening up further room for the pair targeting 65.00 levels and above. However, 64.70 will remain crucial support for the pair, the firm said.



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