There should be a consolidation in the spot USD-INR today and expected a range of 64.60-64.90 to hold for the day.
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The Indian Rupee slipped further as it traded at the lowest level since April 5, down 30 paise at 65.11 against the US Dollar. Here, are some FREE EQUITY TIPS ON MOBILE– Register NOW!
It has opened flat at 64.80 per Dollar on Friday versus previous close 64.81.
Yesterday Rupee plummeted by 54 paise to end at 64.81 a Dollar after the Federal Reserve left the door open for a rate hike in December.
The US Federal Reserve’s historic overnight decision rattled overall forex market sentiment, triggering panic Dollar buying from corporates and importers.
Dollar did a smart turnaround post the FOMC announcement.
The 10-year benchmark bond yield is also likely to consolidate today within the 6.65-6.70 percent range.
The Dollar pared gains after initially climbing on the Fed’s announcement.
Against the Yen, the Dollar is steady as the Japanese currency is largely unaffected by the Bank Of Japan’s announcement that it would keep its monetary policy steady.