The USD-INR pair has been trading in the 67-67.50/dollar range with prospects of a good monsoon and possibility of GST bill getting passed in Monsoon session of Parliament helping the pair, says Ashutosh Raina of HDFC Bank.
The Indian rupee opened flat at 67.15 per dollar on Tuesday against previous close of 67.16. Ashutosh Raina of HDFC Bank said, "The continued hawkish Fed speak seems to be preparing the markets for a possible Fed hike soon.
The USD-INR pair has been trading in the 67-67.50/dollar range with prospects of a good monsoon and possibility of GST bill getting passed in Monsoon session of Parliament helping the pair." "We expect the pair to continue trading in this range in the near term," he added.
The dollar reached a two-month high against a basket of currencies and a one-month high against the yen on Monday, after Federal Reserve Chair Janet Yellen fanned expectations the Fed would raise US interest rates soon.
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