India Ratings today said it expects the rupee to appreciate to the 64.5 level this week on expectations of a rally in the emerging market currencies.
"We expect a 'risk-on' rally globally to support emerging market currencies this week. The rupee, after trading in a narrow band of Rs 64.73-65.22 against the dollar last week, is likely to appreciate and inch closer to 64.5 to the dollar," said the domestic rating agency in a note.