Rupee inches 2 paise higher to 66.41 against US dollar


Taking its winning streak to third trading session, the rupee fell 2 paisa to 66.41 against the US dollar in early trade on Tuesday, ahead of the release of industrial production and consumer price index (CPI) data later in the day.

The domestic currency had closed at 66.43 on Monday on dollar selling by banks and exporters.”Globally, crude oil prices have staged a rebound amid the renewed talks of production freezes and cooperation by the OPEC and non-OPEC countries for regulating supply. This is likely to add to the ongoing pressure on emerging markets’ currencies,”the rating agency added.

Most Asian currencies were trading higher on Tuesday. The Malaysian ringgit advanced 0.27 per cent to 3.87 per dollar. The Thai baht and the Korean won added 0.14 per cent each. The Taiwanese dollar was up 0.12 per cent. The Japanese yen and the Chinese yuan, meanwhile, fell 0.16 per cent and 0.19 per cent, respectively.

The dollar index, which tracks the movement of dollar against a basket of six major world currencies, rose 0.07 per cent to 94.01.ROvernight, the US President Barack Obama and Federal Chair Janet Yellen discussed risks to the US economy during a rare meeting in the Oval Office on Monday, Reuters reported.

“They discussed both the near and long-term growth outlook, the state of the labour market, inequality, and potential risks to the economy, both in the United States and globally,” the White House said in a statement.

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