In the opening hours of trading on Tuesday, the rupee strengthened 37 paise to 81.30 against the US dollar as the greenback depreciated from its recent highs.
The local unit struck 81.30 at the interbank foreign exchange after starting the day at 81.45 versus the dollar, gaining 37 paise from its previous finish. An all-time low of 81.67 versus the dollar was reached on Monday as the rupee fell 58 paise.
Sriram Iyer, Senior Research Analyst at Reliance Securities, claims that as the dollar took a break, the rupee strengthened versus the dollar.
Experts predict that attention will now turn to the RBI meeting this week and its Friday decision.
“Although the majority of Asian and emerging market peers have had a mixed start, sentiments might improve if equity futures have had a good start. In this Tuesday morning’s trading, the dollar index was slightly down, while the Euro, Sterling, and Yen all rose against the dollar “said Iyer.