The Indian rupee opened with marginal gain of 5 paise at 67 per dollar on Thursday versus previous close 67.05. Mohan Shenoi of Kotak Mahindra Bank said,
"Global equity market rally of the last few days has slowed down. The market focus is now on Bank of England's MPC meeting with an expectation of rate cut or stimulus."
"The Bank of Japan stimulus package is also widely expected. Global currency markets are flat except yen weakness across the board. The trading range for the USD-INR is seen between 66.95-67.25/dollar for the day," he added.
The yen strengthened versus the dollar. Meanwhile, the pound slipped amid Theresa May's elevation as Britain's new prime minister.
"Global equity market rally of the last few days has slowed down. The market focus is now on Bank of England's MPC meeting with an expectation of rate cut or stimulus."
"The Bank of Japan stimulus package is also widely expected. Global currency markets are flat except yen weakness across the board. The trading range for the USD-INR is seen between 66.95-67.25/dollar for the day," he added.
The yen strengthened versus the dollar. Meanwhile, the pound slipped amid Theresa May's elevation as Britain's new prime minister.
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