BS:Rupee strong in early trade, FOMC decision eyed
The rupee was trading strong against the dollar in early trades due to dollar sale by foreign banks.
At 9:35am, the rupee was trading at Rs 63.25 compared with previous close of Rs 63.37 per dollar.
The street is awaiting the outcome of the Federal Open Market Committee (FOMC) meeting, which will provide more direction to the movement of the rupee.
The street has factored in tapering to the tune of $10 billion, but anything above that will result in the weakening of the rupee sharply unless the central banks emerges in a big way to save the rupee.
