The rupee was trading higher at 61.89 to the dollar amidst strong global cues. The currency had closed at 62.01 to the dollar. The currency is now expected to take cues from the Federal Reserve Open Market Committee slated to end today.
Dealers say that there is a strong possibility that there could be a QE3 tapering announcement today, which could put some pressure on the Indian rupee.
Earlier this year, the rupee hit a historic low of 61.81 to the dollar amidst worries that QE3 tapering by the Fed could cause an outflow of foreign money from emerging markets including India. To read more about QE3 click here
Analysts are also eagerly awaiting the RBI's monetary policy, which could have an impact on the rupee. The policy is due later today.
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