NEW DELHI: The rupee fell by 31 paise to 66.88 against the US dollar in early trade on Friday as the greenback continued to hover around its eight-month-high level against a set of major world currencies.
Tracking the recent strength in the dollar globally, the domestic currency fell to an 11-week low of 66.57 on Thursday.
Sudhir Agrawal, fund manager for fixed income at UTI MF, said, “The overall view on India as an economy remains positive. We are seeing decent amount of flows coming into the debt market. Based on this, we are not expecting any immediate sharp depreciation on the currency. But it should continue to move with other emerging markets currencies.”
Agrawal believes the rupee was overvalued for a long time, which was hurting growth in exports. The recent orderly depreciation of the currency w ..
