The rupee was trading marginally strong to the dollar at 61.81, after resumption of normal trading in the forex markets.
The currency had closed at 61.90 to the dollar on Jan 1, amidst thin volumes. The rupee is expected to move in a range in the absence of any major cues in the next few days. The currency would continue to track global events.
Strong dollar inflows from foreign funds may keep the currency strong. Foreign funds inflows may resume in the month of Jan and Feb as fresh allocations to emerging markets take place. This is likely to have a positive impact on the Indian rupee.
The currency last year had hit a historic low of 68.81 against the dollar on the back of fears of QE3 tapering. To read more about QE3 tapering click here
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