Indian Rupee strengthens slightly against US Dollar

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Money Maker Research, Dollar, Indian Rupee, RBIThe Indian rupee on Monday, 6 March, 2017 build up marginally against the US dollar, tracking gains in the Asian currencies markets. The opened at 66.77 a dollar today morning.
The rupee has gained 1.75% so far this year, while foreign institutional investors have bought USD 1.55 billion and USD 423.90 million from local equity and debt markets, respectively. The dollar index, which gauges the strength of US currency against major currencies, was trading at 101.44, down 0.1 percent from its previous close of 101.54.
US Federal Reserve chair person Janet Yellen said on Friday that an increase in Fed funds rate will be expected to be suitable at Federal Open Market Committee meeting scheduled on  14 & 15 March, if policymakers conclude that employment, inflation continue to evolve in proportion to expectations.
On the other side, the RBI today fixed the reference rate of the rupee at 66.8482 against the USD and 70.5716 for the euro. The corresponding rates were 66.7375 and 70.7151 earlier.

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