The rupee opened the day lower against the dollar, dropping 47 paise at 63.30 on sustained demand for the dollar. The rupee is likely to remain range bound ahead of the crucial 2-day Fed meeting scheduled for Sept17-18.
Dealers say the rupee would first take cues from the Fed policy and then from the RBI Monetary Policy meet scheduled for Friday.
The rupee has appreciated dramatically in the last few days after hitting a historic low of 68.81 against the dollar. Periodic RBI intervention and hopes raised by the appointment of new RBI Governor Raghuram Rajan has led to a swift rally in the rupee.
According to dealers the next few days would be crucial for the rupee considering the important events at hand. Check rupee rates here
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