Rupee opens marginally lower at 68.65 per dollar

We expect the USD-INR pair to trade in the 68.30-68.80/Dollar range in the short term, says Ashutosh Raina of HDFC Bank.

 

The Indian rupee opened marginally lower by 5 paise at 68.65 per dollar versus 68.60 Monday. Ashutosh Raina of HDFC Bank said, "Strong rally in commodities resulted in strong rally in equities and commodity currencies, while some stabilisation in Europe and China also lent some support." He further added, "The USD-INR pair has been under pressure owing to continuous FII outflows but well supported at lower levels by the central bank." "We expect the USD-INR pair to trade in the 68.30-68.80/dollar range in the short term," he said.
 

Traders kept a close eye on pound and the euro, pound hits a seven-year low on rising concerns that Britain could leave the European Union, with a referendum set to be held on June 23.

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