Rupee may drop on Tuesday on the back of weak Asian stocks, but exporters may grab the opportunity to encash their dollars and limit the rupee’s decline.
The partially convertible rupee ended at 40.625/635 per dollar on Monday, off the day’s high of 40.53 but a tad stronger than Friday’s close of 40.635/645, which was its weakest close in over a month.
It had hit a nine-year high of 40.20 last month, with foreign buying of local stocks providing support.
Foreign portfolio holdings stand at more than $9.6 billion this year despite sales since late July, compared with an inflow of $7.9 billion in 2006 as reported on Reuters.
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