The Indian rupee opened flat at 67.46 per dollar on Thursday versus Tuesday's closing of 67.46. Mohan Shenoi of Kotak Mahindra Bank said, "Political turmoil in UK continues post Brexit vote with pound testing fresh lows below 1.28 before recovering from that level."
"June FOMC minutes were mildly dovish indicating no US Fed rate hike in CY16. Bunched up inward custodial flows and remittances for last 3 days due to Indian and US holidays could support rupee today."
"We see the USD-INR trading range for the day between 67.30-67.60/dollar," he added. The pound at 31-year low on mounting worries the Brexit would have on the global economy and the yen continues to climb.
"June FOMC minutes were mildly dovish indicating no US Fed rate hike in CY16. Bunched up inward custodial flows and remittances for last 3 days due to Indian and US holidays could support rupee today."
"We see the USD-INR trading range for the day between 67.30-67.60/dollar," he added. The pound at 31-year low on mounting worries the Brexit would have on the global economy and the yen continues to climb.
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