Rupee opens at 67.30 per dollar; gains 14 paise

On the upside, 67/dollar may act as a strong resistance for the Indian rupee, says Himanshu Arora of Religare. 

 

The Indian rupee gained in the early trade on Monday. It has opened higher by 14 paise at 67.30 per dollar against 67.44 Friday. Himanshu Arora of Religare said,

"The USD-INR pair is likely to weaken further on concerns over P-notes and Fed rate hike."

"The rupee may weaken towards 67.80/dollar. However, on the upside, 67/dollar may act as a strong resistance for the Indian rupee," he added.

The US dollar hit its highest level against the yen in more than three weeks on expectations of a potential summer Federal Reserve interest rate hike, while the dollar was little changed against the euro after profit-taking.

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