Rupee down 20 paise; opens at 68.14 per dollar

The USD-INR pair should continue to trade in a 67.50-68.50/dollar range, with some depreciating bias amid this risk-off environment, says Ashutosh Raina of HDFC Bank.

The Indian rupee opened lower by 20 paise at 68.14 per dollar on Tuesday versus previous closing of 67.94. Ashutosh Raina of HDFC Bank said, "Global risk sell-off resulted in stocks getting dumped for safe haven bonds, yen and gold. Markets will be keenly awaiting the Yellen testimony scheduled later this week."
 

"The USD-INR pair should continue to trade in a 67.50-68.50/dollar range, with some depreciating bias amid this risk-off environment. Support is expected at lower levels," he added. The dollar fell to a 15-month low against the yen as a renewed slide in oil prices and doubts about the effectiveness of the Bank of Japan's negative interest-rate policy drove investors back into the safe-haven currency.

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