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Indian rupee opens lower by 11 paise at 63.60 per dollar

I expect the rupee to continue to appreciate and expect the USD-INR to trade within a range of 63.40-63.60, says Bhaskar Panda of HDFC Bank.

January 16, 2018 / 09:01 AM IST

The Indian rupee opened lower by 11 paise at 63.60 per dollar on Tuesday versus previous close 63.49.

Bhaskar Panda of HDFC Bank said, "The euro had started moving higher post the ECB meeting and consequently the US dollar has now moved below 91 levels now."

"I expect the rupee to continue to appreciate and expect the USD-INR to trade within a range of 63.40-63.60."

"Post the CPI and WPI release, expectation of a rate cut has receded. The 10-year benchmark yield has been flat for a couple of days and expect it to trade within a range of 7.43-7.46 percent," he added.

Dollar remained under pressure though it has marginally gained versus the Japanese yen after disappointing producer price index figures from Japan. Meanwhile, the euro held onto overnight gains.

Tags: #Rupee
first published: Jan 16, 2018 09:00 am

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