Snapping its losses from the previous session, the rupee appreciated 29 paise to 65.86 against US dollar in trade today at the Interbank Foreign Exchange due to a decrease in dollar demand from importers. The domestic currency had closed at 66.09 in the previous session.
The currency was boosted after the Reserve Bank of India Governor Raghuram Rajan said he was not in favour of depreciating the rupee and joining a global wave of monetary measures that have weakened currencies, according to a newspaper interview on Wednesday.
The comments, in an interview with The Economic Times, reiterate Rajan's frequent criticisms of the competitive devaluations he has said are occurring globally because of actions taken in the euro-zone, Japan, and most recently China.
Earlier on Wednesday, ratings and research firm Crisil said there is a two-third chance that the rupee can touch the level of 64 against the US dollar by
March-end 2016 while there is a one-third chance it may reach 67 per dollar.
"Crisil Research, in the base case scenario, expects the rupee to appreciate from the current levels of 66.1 as of August 25 to settle at around 64 by March
31, 2016," it said in a statement.
The US dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, was sharply lower by 0.2 per cent at 95.12.
Source:economictimes.indiatimes.com
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