Five Things To About Rupee's Rise Today
Sustained selling of the US currency by exporters and banks amid a higher opening in the domestic equity market, said traders.
The dollar index fell to as low as 88.37, and was on course to lose over 2 per cent for the week, its biggest such loss in two years. The dollar Index is a measure of the value of the US dollar relative to a basket of foreign currencies.
There is no strong consensus yet on what is driving the dollar's persistent weakness, especially in light of rising yields in the US. The dollar's fall came even as U.S. bond yields remained near a multi-year high.
The US dollar-rupee pair has Immediate support can be seen near 63.80 levels and further at daily trendline of 63.70 levels, says forex advisory firm IFA Global. Data released yesterday showed trade gap increasing to $16.3 billion in January on account of a 26.1 per cent increase in imports to $40.68 billion due to increased inbound shipments of crude oil. (With Agency Inputs)