The rupee opened marginally lower by 4 paise at 59.24 to the dollar in opening trade. The currency has been moving in a range for the last few days and is likely to remain rangebound.
There are not many global triggers at the moment and it's likely that the rupee will continue to trade within a tight band.
Forex markets would now look to the government for some bold measures in the Union Budget before the rupee seeks any particular direction.
The Indian currency which was one of the worst performing Asian currency last year after having dropped to a record low of 68.86 against the dollar in August last year has seen a smart recovery. Dealers say that an upside on the rupee maybe limited given that the RBI may not like to see the currency appreciate anymore. Analysts feel that the current levels for the rupee is fair and the currency is neither under or overvalued. check currency rates here
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