In recent trade, Indian currency, Rupee, has appreciated by 10 paise to 63.30 per USD against 63.40 levels in previous session. The appreciation in the currency is supported by weak dollar sales due to slip in international crude oil prices.
Sources reported expectation of further appreciation in currency in near-term.
Earlier on Monday, Rupee had depreciated substantially to 64 per USD levels, which thankfully recovered with a strong note in last four sessions.
Strong Rupee Impact on Steel Market
Amid appreciation in Indian currency, viability in imported scrap offers will increase in domestic market. However, steel import threat from China and Japan will persist in market at low dollar levels.
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