We expect the pair to continue trading in the 66.50-67/dollar range in the near term, says Ashutosh Raina of HDFC Bank.
The Indian rupee opened marginally higher by 6 paise at 66.74 per dollar against previous close of 66.80. Ashutosh Raina of HDFC Bank said, "The USD has been strengthening since last week against high beta commodity currencies and the Yen, as energy prices touch 6-month highs."
The USD-INR pair has come off from its recent highs, in tandem with the global dollar strength. We expect the pair to continue trading in the 66.50-67/dollar range in the near term.
The dollar slipped against the euro and pound after a report showed that the US manufacturing industry continues to face headwinds.
The yen too weakened as risk appetite improved with the rise in oil prices and Japan, set to host a G7 meeting later this week, again signalled its willingness to intervene in the market to weaken its currency.
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