Rupee settles day at 63.51 against US dollar

NEW DELHI: Rupee settled 10 paise lower at 63.51 against dollar on Thursday at the Interbank Foreign Exchange ( Forex) market amid fresh demand for the greenback from banks and importers.

On Tuesday, the local unit had ended at 63.41 against the US dollar.

Experts believe that huge dollar inflows to India are aiding the domestic currency.

Akhil Mittal, Senior Fund Manager (Fixed Income) at Tata Mutual Fund, said, "Economists have been asking for some sort of depreciation in rupee. We also expect that rupee should have depreciated by another 2-3 per cent. We still expect rupee to depreciate by another 3% to 4% from here onwards, but global flows so far have been supportive of rupee."

Exports are not increasing, so the imports are also not increasing. To that extent, the pressure on rupee is not coming, the expert said.

" Levels around 63 to 64 look like a broad range as of now. Towards the year end, we expect INR to go to 65-65.50," Mittal said.