The Indian rupee hit a fresh three week high of 55.17 against the dollar in early trade and was trading at 55.22 at 9.55 am IST. The currency is however expected to come under some pressure in the next few months.
A report in the Economic Times has said that the relative calm in the currency market may be disturbed in the next few weeks as corporate demand to repay about $8 billion of maturing loans and a likely slowdown of inflows due to revival of troubles in Europe will put pressure on the rupee.
Moreover, crude oil, which has now hit a level of $115 (Brent Crude) is likely to put pressure on the demand for dollars from crude importers.
The only silver lining might be hopes of a quantitative easing in the US, which could boost liquidity in the global markets and hence dollar inflows into India.
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