The Indian rupee is quoting around 55.71 (v/s US dollar) today
during the early hours of trading. The gains in EURUSD towards 1.30 did not provide
any major support to the home currency. While, it was a boost for major Asian
currencies such as Korean won, Peso and Thai baht which were seen trading higher
v/s the US dollar during early trading hour in Singapore. Despite the global sentiment
is moderately better from past 2-3 sessions, it is failing to give any support
to the Indian rupee due to deadlock on FDI issues. Around 56, we can expect
some selling of US dollar by the RBI after staying almost inactive in the FX market
from past few weeks.
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