Rupee trades at 62.37; down 5 paise over Monday's close

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Rupee trades at 62.37; down 5 paise over Monday's close
The rupee was trading down 5 paise in early trade and exhibited another day of steady trade. On Monday the currency had rallied initially, but, gave up gains towards the end of the day.

Dealers say that the rupee is likely to exhibit less volatility this week and will exhibit some volatility towards the beginning of next week as crucial data would be known.

First, the US jobs data by the end of the week is important and then the state election results due on Sunday would assume significance.

If results prove to be a bad showing for the BJP it could put some pressure on the rupee. On the other hand a stronger then expected jobs data from the US could also put pressure on the rupee as fears of tapering would re-emerge.

Read more about: dollar, us jobs data
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