Rupee slips 14 paise, opens at 67.63 per dollar

We expect the pair to weaken from current levels on the back of continued oil demand and Fed rate hike fears, says Ashutosh Raina of HDFC Bank.

 

The Indian rupee opened lower by 14 paise at 67.63 per dollar on Tuesday against its previous close of 67.49. Ashutosh Raina of HDFC Bank said, "A hawkish surprise from April FOMC minutes has increased the probability of Fed rate hike sooner than later. This coupled with Brexit fears has kept the markets on tenterhooks."

"The oil demand coupled with weak global sentiment resulted in USD-INR pair touching the higher end of the 67-67.50/dollar range, where some support was seen."

"We expect the pair to weaken from current levels on the back of continued oil demand and Fed rate hike fears," he added. The US dollar gained against the euro after Federal Reserve officials made hawkish remarks on monetary policy, while the dollar slipped against the yen on Japanese trade data that came out yesterday and US resistance to currency intervention from Tokyo.

Read More -   Currency Updates .

Browse More Articles

Tweet

Written by Unknown

We are Creative Blogger Theme Wavers which provides user friendly, effective and easy to use themes. Each support has free and providing HD support screen casting.