Indian Rupee Up 13 paise in opening trade

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Expected the spot USD-INR pair to trade in a range of 64.50-65 for the day, says Ripples Advisory, Indore.

 

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The Indian Rupee gained in the early trade on Monday. It has opened higher by 13 paise at 64.80 per Dollar versus 64.93 Friday.

Weak US Dollar and positive cues from domestic equity market will help the rupee strengthen.

The spot USD-INR pair to trade in a range of 64.50-65 for the day.

The Dollar was little changed against a basket of currencies on Friday, shaking off early weakness, after data showed US consumer prices rose less than expected in September, pointing to muted inflation that could worry Federal Reserve officials.

Although the bond markets reacted positively to the lower inflation data, the gains were capped as concerns over the fiscal situation and bond supply still persist. Yet another OMO sale was announced on Friday and so further gains are unlikely.

The subdued sentiment might lead to a resumption of the negative bias but the 10-year benchmark bond yield is likely to trade in a narrow range of 6.72-6.76 percent today.


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