The US dollar may not go down much against other currencies in the near future as the potential for further rate hikes are there and flight to safety during uncertainties.

The Indian rupee may gain some ground due to year end repatriations and once the supply dwindles the currency may become weaker again.

The US dollar has conceded some ground to the other major currencies compared to the levels that were prevailing almost a month back.

The only exception to the currency to which the USD ceded more ground is the Chinese Yuan. Against the rest of the lot the losses are quite limited, and there may not be any severe losses in the near future for two reasons.

"The first is that the potential for further rate hikes in the US is still open, and with inflation remaining stubbornly high the probability of higher rates too is high. In such a situation, the US Dollar may not lose ground,"