The Indian rupee lost ground in early trade, despite strong equity sentiments across the globe, following a new record high for the Dow Jones.
The currency was last trading at Rs 62.31 to the dollar, a drop of 17 paise over Wednesday's close. The rupee is moving in a narrow range and has exhibited less volatility in the last 1 month or so. A series of measures taken by the Reserve Bank of India has ensured some sanity is restored to the forex markets, after the rupee tumbled to a record low of Rs 68.81 to the dollar in Sept.
Dealers says the rupee is likely to take cues from the outcome of the Fed meeting next month and the kind of data that flows out of the US. Any hints of QE3 tapering or definite QE3 tapering is likely to see the rupee fall. Check currency rates here
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