Re Hits 2-Year High as Dol­lar In­flows Likely to In­ten­sify

The Economic Times - - Finance & Commodities -

in­cluded in the anal­y­sis are the US, the EU, and the emerg­ing mar­kets.

“To­day’s sharp move came af­ter lack­lus­tre trad­ing ses­sions that lasted two/three months,” said K N Dey, man­ag­ing part­ner, United Fi­nan­cial Con­sul­tants, a Mum­baibased forex firm. “Jit­tery in­vestors, who were un­hedged ear­lier, sold dol­lars to hedge their port­fo­lios. Some for­eign banks too seem to have sold dol­lars as their clients may have taken fresh po­si­tions.”

Since the first week of April, the ru­pee has been range bound. It traded in the range of 64-65 to the dol­lar un­til Tues­day.

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