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PraniShah

Rupee Falls As Recent Gains Overdone

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The rupee fell as dealers found recent gains to be overdone, while NDF related buying also helps. The pair was trading at 61.30/31 versus 61.04/05 on Tuesday.

"The recent INR upmove appears to be overdone. Let us come back to basics and fundamentals," the chief of dealing at a private bank said. Foreign funds bought Indian cash shares of $64.82 million on Tuesday.

The dollar wobbled near a six-week low against a basket of currencies on Wednesday, hampered by a growing view that the Federal Reserve needs more positive economic data before it decides to start reducing its monetary stimulus. Almost all Asian currencies trading stronger compared with the dollar.

moneycontrol

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