The Indian rupee opened with marginal gain of 3 paise at 66.70 per dollar on Wednesday versus previous close of 66.73.
Bansi Madhavani of India Ratings said, "We expect the rupee to remain buoyant in the near term, as high-yielding Indian assets retain their attractiveness, following the Fed's move to leave interest rates unchanged." He further added,
"The rupee is likely to trade between 66.50-67.25/dollar in the course of the week."
Yen is at a three-week high after Japanese government's fiscal plans underwhelmed investors.
Pair in the past session failed to provide follow through selling which could have confirmed the bearish breakdown. Daily MACD is balanced in the negative zone below the signal line which is indicating for break down. However, traders should wait for a slide below 66.95.
Bansi Madhavani of India Ratings said, "We expect the rupee to remain buoyant in the near term, as high-yielding Indian assets retain their attractiveness, following the Fed's move to leave interest rates unchanged." He further added,
"The rupee is likely to trade between 66.50-67.25/dollar in the course of the week."
Yen is at a three-week high after Japanese government's fiscal plans underwhelmed investors.
Pair in the past session failed to provide follow through selling which could have confirmed the bearish breakdown. Daily MACD is balanced in the negative zone below the signal line which is indicating for break down. However, traders should wait for a slide below 66.95.
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