Rupee likely to appreciate this week

The rupee might continue to appreciate this week as foreign flows are expected to continue in domestic markets. The Indian currency had appreciated to 64.74 against the dollar on Friday, a rise of 77 paise during the past week.

"This week, the rupee may trade in the range of 64.50 to 65.25 per dollar. The bias may be towards appreciation," said Sandeep Gonsalves, forex consultant and dealer, Mecklai & Mecklai. Rupees appreciation last week was due to easing concerns of a rate hike by the US Fed after data showed the US non-farm payrolls rose by 142,000 in September, considerably lower than the 203,000 jobs the markets had expected. The Federal Open Market Committee will hold its next two-day meeting on October 27 and 28.