The currency fails to gain strength despite a sharp fall in the dollar index

The rupee was volatile within a narrow range between 64.27 and 64.46 last week and closed at 64.34 on Monday. It surprisingly failed to gain much from the dollar weakness in the past week. The dollar was beaten down strongly and the dollar index fell over a per cent, breaking below a key support level of 94.45 to a low of 93.82. The rupee however, remained stable within the narrow band, indicatin...