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