The currency is supported by bullish domestic equities
The currency is supported by bullish domestic equities
Currency stays on upward track amid weak US dollar, favourable crude oil prices
However, forex traders say a strong US dollar and volatile crude oil prices weigh on the domestic currency
Asian currencies were mostly lower, with the Korean won and Malaysian ringgit leading losses
Currency tracks negative trend in domestic equities and the strength of the US dollar in the overseas market
Price action on the South Asian currency is likely to be driven by 'merchant flows' as speculative activity remains muted towards the year-end
The dollar index had dropped to its lowest since late July after softer than expected US inflation data
A weak greenback against major currencies overseas weighed in favour of the South Asian currency amid concerns over oil supplies, experts say
Asian currencies struggled after more Fed officials indicated that the market is probably 'too optimistic' in its rate cut expectations, experts say
The Fed is expected to keep rates unchanged on Wednesday; however, investors will be keeping an eye on its projections and commentary for cues on the future policy rates