Unabated capital outflows by foreign funds and heavy selling in domestic equities dampened the sentiment
The rupee and Indonesia's rupiah are the worst currencies in Asia this year, weighed by concerns over fiscal deficits and inflation
The Indian rupee also came under pressure following a heaving selling in domestic equities
Forex dealers said besides strong demand for the American currency from importers, concerns over rising fiscal deficit and capital outflows weighed on the domestic currency
Ongoing global trade war concerns and surging global crude prices caused some discomfort for the rupee and restricted the gains
Trade war concerns continued to spook the Indian currency on Tuesday
The rupee could again come under pressure once the new US sanctions on Iran comes into force, the source said
On Tuesday, the rupee dropped by 8 paise to close at 68.94 against the US currency
The Indian currency gained further ground even as the US dollar was strong in global markets amid trade war concerns between the US and China
The rupee's depreciation has been steep, making it one of the worst performing currencies amongst emerging markets
Many of them are at multi-month record levels and can potentially hurt India's prospects, both at the economy level and for its markets
Global crude prices surged to near $70 a barrel, extending its overnight strong gains, as investors grew more optimistic that a trade dispute between the United States and China may be resolved
Most Asian currencies were trading higher after signs that the United States can reach an agreement with China over trade tariffs
Foreign investors seemed to be interested in Indian capital markets in a big way as they infused a whopping Rs 87 bn this month
The Indian rupee has strengthened by 55 paise since the start of 2018
The Indian currency hovered in the range of 64.02-64.11 during the day
Rupee lost 14 paise to end at 64.52 against US dollar yesterday after RBI decided to keep key policy rates unchanged
Showing resistance against early volatility, the rupee today surged by a hefty 20 paise to end at a fresh two-month high of 64.50 against the beleaguered dollar even as S&P kept India's credit rating unchanged. The rupee marked its best closing since September 20. It had tumbled to a low of 64.83 in early trade. In early trade, the rupee resumed almost flat with negative bias at 64.71 from last weekend level of 64.70 in knee-jerk reaction to the S&P rating outcome. But, later drifted sharply to hit a fresh intra-day low of 64.83 on immense dollar pressure before a spirited recovery in mid afternoon deals. After climbing a fresh high of 64.49 towards the tail-end trade, the local unit finally settled t 64.50, revealing a smart gain of 20 paise, or 0.31 per cent. The rupee has appreciated 31 paise last week. The RBI, meanwhile, fixed the reference rate for the dollar at 64.6948 and for the euro at 77.1421. Global rating agency Standard & Poor's on Friday kept its .
A seemingly corrective pullback in the US Dollar probably helped as well
The buoyancy reflects the country's attractiveness among global investors