The USD-INR trading range for the day is seen between 67.10-67.40/dollar, says Mohan Shenoi of Kotak Mahindra Bank.
The Indian rupee opened flat at 67.32 per dollar on Thursday versus previous closing of 67.33. Mohan Shenoi of Kotak Mahindra Bank said, "Post FOMC minutes, the market is reassessing a possible Fed rate hike in June resulting in dollar strength."
"The rupee weakened initially but recovered on the back of a bounce back in stock markets and large custodial inflows." "The USD-INR trading range for the day is seen between 67.10-67.40/dollar," he added.
The US dollar rose against the yen for a second straight day and hovered near its highest level in roughly 10 weeks against the euro on expectations for a Federal Reserve rate hike in the near term.
"The rupee weakened initially but recovered on the back of a bounce back in stock markets and large custodial inflows." "The USD-INR trading range for the day is seen between 67.10-67.40/dollar," he added.
The US dollar rose against the yen for a second straight day and hovered near its highest level in roughly 10 weeks against the euro on expectations for a Federal Reserve rate hike in the near term.
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