Rupee trades lower against US dollar
On Tuesday, the rupee strengthened by 18 paise to close at 66.49 against the US currency due to persistent selling of dollar by banks and exporters after RBI kept its key policy rates unchanged.
Most Asian currencies were trading higher against the greenback on Wednesday morning. The Malaysian ringgit and Taiwanese dollar added 0.39 per cent each, Korean won rose 0.31 per cent, Indonesian rupiah gained 0.15per cent, while Thai baht rose 0.14 per cent. Japanese yen and Chinese yuan were trading flat.
Data released overnight showed the US manufacturing sector contracted last month to its weakest level since June 2009, while construction spend rose in October to the highest level since December 2007. This has raised hopes that the US Fed may raise interest rates gradually.