Rupee falls as recent gains overdone

Tags: Rupee, News
The rupee falls as dealers find recent gains overdone, while NDF related buying also

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hurts. The pair at 61.30/31 versus 61.04/05 on Tuesday.

"The recent INR upmove appears to be overdone. Let us come back to basics and fundamentals," the chief of dealing at a private bank said.

Foreign funds bought Indian cash shares of $64.82 million on Tuesday.

The dollar wobbled near a six-week low against a basket of currencies on Wednesday, hampered by a growing view that the Federal Reserve needs more positive economic data before it decides to start reducing its monetary stimulus.

Almost all Asian currencies trading stronger compared with the dollar.

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