NEW DELHI: Taking its winning streak to the third session in a row, the rupee rose by 9 paise to 66.48 against the US dollar in early trade on Tuesday, ahead of the much-awaited speech by the Fed Chair Janet Yellen later in the day.
The domestic currency had closed 7 paise higher at 66.57 to the dollar on Monday on fag-end dollar selling by banks and exporters.
Currency markets, globally, will be glued to US Fed Chair Janet Yellen's speech on Tuesday, India Ratings said in a note. The rating agency believes the rupee may see some weakness, after appreciating 2.6 per cent after the Union Budget.
"Globally, the US dollar recouped its losses on the strong US economic recovery. The likelihood of a rate hike as indicated by few Fed members may rein in gains for emerging market currencies in the near term. The local unit may stay in the 66.40-67.20 range this week," the rating agency said.
Yellen will deliver a speech at the Economic Club of New York later in the day. Markets globally expect Yellen to drop hints about future rate hike path.
The dollar index, which tracks the movement of the greenback against a basket of six major global currencies, rose 0.07 per cent to 96.01.
Nonetheless, most Asian currencies were trading higher against the greenback.
The Malaysian ringgit climbed 0.51 per cent to 3.99 against the dollar. The Korean won advanced 0.45 per cent to 1,160.95. The Taiwanese dollar (up 0.41 per cent), the Singapore dollar (up 0.24 per cent) and the Philippine peso (up 0.17 per cent) too gained against the dollar.
Source :economictimes.indiatimes.com
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