Continuing its losing streak for the third day, the rupee fell 19 paise to 66.68 against the US dollar in early trade on Monday, a day ahead of the kick start of two-day the US Federal Reserve policy review.
The domestic currency had declined 9 paise to close at 66.49 on Friday on persistent dollar demand from banks and importers for the US currency.
I would expect markets would be looking for a continuation of a very dovish Fed and Yellen. The Fed still has two rate hikes on the table. It would not surprise me if one of those was to disappear from the menu before too long,” said Geoffrey Lewis, Manulife Asset Management.
The dollar index, which tracks the movement of greenback against a basket of six major world currencies, fell 0.18 per cent to 94.94.
Meanwhile, most Asian currencies were trading weak against the dollar. The Korean won, the Indonesian rupiah,the Thai baht and the Taiwanese dollar were among the currencies that fell the most against the US currency.
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