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Signs of turnaround in US economy weakens rupee to 44.67/68/USD

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Mumbai, Mar 24 (UNI) The rupee today opened with a gap of six to seven paise at 44.62/64 per US dollar as compared to the last close of 44.56/57 on the back of signs of turnaround in the US economy, said a foreign exchange (forex) dealer here.

Later in the mid-morning session rupee weakened further to 44.67/68 per US dollar, the dealer added.

A weaker Euro by around 100 basis points from yesterday's level and Yen moving up by around 100 points made rupee weaker as US dollar moved up due to just released US data showing new home sales going up, the dealer informed.

New Home sales catching up meant turnaround in the US economy and people were having excess money to invest in real estate, which might prompt US Federal Reserve to hike interest rates in the long term, said an analyst.

The local banks buying US dollar also put pressure on the rupee.

UNI RRP MJ NV1124

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