We expect the pair to trade in the 67-68/dollar range with a weakening bias, says Ashutosh Raina of HDFC Bank.
The Indian rupee opened lower by 9 paise at 67.40 per dollar on Tuesday versus 67.31 Monday. Ashutosh Raina of HDFC Bank said,
"The Indian markets seem to have taken the Rexit in their stride with equity, bond and currency markets coming off their intra-day lows, in tandem with the global risk-on sentiment, as Brexit fears have eased substantially.
" He further added, "The USD-INR pair after hitting 67.70/dollar closed at 67.30/dollar, on suspected support from RBI. We expect the pair to trade in the 67-68/dollar range with a weakening bias."
The pound retreated after its strongest surge since 2008, as polls published early today highlighted that the "leave" campaign retains strong support. Meanwhile the yen continues to strengthen.
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