We expect the trading range of 66.50-67.50/dollar in near term taking cues from series of global events lined up this month, says Ashutosh Raina of HDFC Bank.
The Indian rupee opened higher by 6 paise at 66.90 per dollar on Tuesday against previous close of 66.96. Ashutosh Raina of HDFC Bank said,
"The USD weakened markedly after the dismal non-farm payrolls report for May, thereby reducing the chances of near-term rate hikes in US substantially."
He further added, "The RBI is widely expected to maintain status quo in rates in its policy statement today, although some more liquidity easing measures can be expected."
"The USD-INR pair has appreciated past 67/dollar, in tandem with global dollar weakness. We expect the trading range of 66.50-67.50/dollar in near term taking cues from series of global events lined up this month," he said.
The Indian rupee opened higher by 6 paise at 66.90 per dollar on Tuesday against previous close of 66.96. Ashutosh Raina of HDFC Bank said,
"The USD weakened markedly after the dismal non-farm payrolls report for May, thereby reducing the chances of near-term rate hikes in US substantially."
He further added, "The RBI is widely expected to maintain status quo in rates in its policy statement today, although some more liquidity easing measures can be expected."
"The USD-INR pair has appreciated past 67/dollar, in tandem with global dollar weakness. We expect the trading range of 66.50-67.50/dollar in near term taking cues from series of global events lined up this month," he said.
The pound rose marginally after sliding yesterday when two polls showed support among Britons for a vote to leave the european union was gaining momentum. A referendum on the issue is scheduled for June 23. The dollar index hoverd around the 94 mark.
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