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Rupee trades weak by six paise at 62.37

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Rupee trades weak by six paise at 62.37
The rupee was trading marginally weak in trade down 6 paise at 62.37. The rupee has been showing signs of weakness since the beginning of the year.
 

Foreign fund flows into the markets have not been too great to support the rupee. It was largely anticipated that foreign funds would make huge purchases, which would help support the rupee. However, they have been net sellers in the cash market on Monday as well.

The rupee is likely to trade in a range in the absence of any major cues. Forex markets would look to the possibility of further QE3 easing, when the Fed Minutes of the meeting are revealed later this week. TO read more about QE3 click here

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