Rupee stays strong despite global market rout

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Rupee stays strong despite global market rout
The rupee exhibited remarkable resilience in trade, despite currency weakness seen across the globe. The rupee fell only 10 paise in trade today and was last trading at 62.76 to the dollar, as against a close of 62.66 against the dollar on Friday.

Currencies around the globe crashed on Friday and the effect was seen in equities across the globe today. On Friday, the South African Rand plunged to a 5-year low, the Ukraine's Hryvnia sank to a 4-year low, Turkish Lira hit a lifetime low and Argentina's Peso sunk 20 per cent for the week.

Dealers say that the rupee might continue to exhibit resilience on RBI intervention to prevent volatility in the currency market.

Forex markets are also expected to remain volatile ahead of the RBI's policy meet on Tuesday and would take cues from the same.

Also, eagerly watched would be the Federal Reserve's Open Market Committee Meet for future policy action. Shoud the Fed decide to further taper its bond buying programme, the rupee could fall further. Read more on QE3 here

Read more about: dollar, turkish lira
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