Despite strong inflows in domestic markets by foreign institutional investors (FIIs) and lower crude oil prices, the rupee is set to weaken against the dollar in the near term.
A slight hint by US Federal Reserve chairman Ben Bernankeyesterday on unwinding the bond buying programme known as Quantitative Easing 3 (QE3) resulted in the rupee's fall against the dollar.
Bernanke said the American economy still needed aid, and premature scaling down of the bond buying programme could lead to the substantial risk of slowing or ending the economic recovery.
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