The USD-INR pair has finally broken the 67/dollar and is expected to trade in 67-67.50 per dollar range in near term, tracking the global dollar strength, says Ashutosh Raina of HDFC Bank.
The Indian rupee opened marginally lower by 7 paise at 67.43 per dollar against previous close of 67.36. Ashutosh Raina of HDFC Bank said,
"The market continues to digest hawkish Fed Minutes with dollar gaining against all major and EM currencies and dollar Index touching 95.50."
He further added, "The USD-INR pair has finally broken the 67/dollar and is expected to trade in 67-67.50 per dollar range in near term, tracking the global dollar strength."
The US dollar rose slightly against the euro and swiss franc as the hawkish tilt from the minutes from the Federal Reserve's latest meeting forced investors to re-examine their expectations for the timing of the next rate hike, but the greenback slipped against the safe-haven yen on risk aversion.
"The market continues to digest hawkish Fed Minutes with dollar gaining against all major and EM currencies and dollar Index touching 95.50."
He further added, "The USD-INR pair has finally broken the 67/dollar and is expected to trade in 67-67.50 per dollar range in near term, tracking the global dollar strength."
The US dollar rose slightly against the euro and swiss franc as the hawkish tilt from the minutes from the Federal Reserve's latest meeting forced investors to re-examine their expectations for the timing of the next rate hike, but the greenback slipped against the safe-haven yen on risk aversion.
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