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Rupee breaches 64 level to the dollar again
The rupee hit the 64 level to the dollar mark, on sustained demand for the US greenback.
The rupee had broken its winning streak on Thursday and was trading lower once again on Friday. Dealers say that the rupee is likely to remain a little weak ahead of the Federal Reserve Open Committee (FOMC) meet which will decide on QE Tapering after its meeting ends on Sept 19.
QE Tapering essentially involves asset purchase by the US Federal Reserve which is purchasing assets worth US$85 Billion each month.
This purchases infuses liquidity into the global financial system and finds its way into emerging market stock markets. Foreign fund inflow through this method has helped support the Indian rupee, which has been one of the worst performing Asian currencies lately. Check rupee rates here
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