The currency had dropped to a two-month low on Wednesday due to dollar demand from importers, including local oil companies
The currency had dropped to a two-month low on Wednesday due to dollar demand from importers, including local oil companies
The South Asian currency is set for a quiet session today, eyeing whether the US Federal Reserve will signal fewer rate cuts this year
Asian currencies were mostly down following an uptick in US Treasury yields after sticky inflation suggested that the Federal Reserve will wait longer to cut interest rates
The market is also buying, as current levels on the dollar-rupee pair are quite appealing for importers, says a foreign exchange trader
Most Asian currencies saw a slight uptick, with the Philippine peso leading the gains, rising 0.3%
Mild dollar inflows helped lift the rupee in early trading, a foreign exchange trader at a state-run bank said
The rupee has been 'well-supported,' by dollar inflows over the last week, which helped cap the unit's weakness, an expert said
Forex traders said a negative trend in domestic equities and foreign fund inflows weighed on investor sentiments
The rupee was at 22.589 as of 8.05am, up by 0.08 per cent compared with its close of 22.606 against the UAE dirham in the previous session
Forex traders say the currency was trading in a narrow range as the strength of the US dollar in the overseas market weighed on investor sentiments