Rupee gains 8 paise; opens at 68.39 per dollar

Given weak equity markets in India, the USD-INR is expected to trade today in a range of 68.30-68.60/Dollar, says Mohan Shenoi of Kotak Mahindra Bank.

The Indian rupee opened higher by 8 paise at 68.39 per dollar on Thursday versus 68.47 Wednesday. Mohan Shenoi of Kotak Mahindra Bank said, "Despite better-than-expected US industrial production data, the next Fed rate hike is unlikely to be before June 16." "Given weak equity markets in India, the USD-INR is expected to trade today in a range of 68.30-68.60/dollar," he added.
 

The US dollar weakened against the yen after the Federal Reserve released the minutes from its January meeting. 

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