Rupee mildly weaker after US Fed's taper decision

Tags: Rupee, News
The rupee was slightly weaker in early trades on Thursday after the Federal Reserve

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said it would scale down its monthly bond purchases, sending emerging market currencies lower.

The partially convertible rupee was at 62.26/27 to the dollar versus its close of 62.09/10 on Wednesday.

The U.S. central bank said it would reduce its monthly asset purchases by $10 billion, bringing them down to $75 billion. The taper will be equally split between mortgage-backed securities and Treasury bonds.

The currency is seen as less vulnerable than in the summer when it sold off on fears of a wide current account deficit.

The central bank has since added $34 billion to its reserves after opening two concessional forex swap facilities to draw inflows.

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