Indian Rupee opens higher at 64.35 per Dollar

indian stock market

The USD-INR to remain volatile in the range 64.50-65.50 in the near term, says Tirthankar Patnaik of Mizuho Bank.


The Indian Rupee opened higher by 8 paise at 64.35 per Dollar on Thursday versus 64.43 Wednesday.

The USD-INR to remain volatile in the range 64.50-65.50 in the near term, with increased volatility driven around the second phase of the Gujarat elections today, and release of the exit polls later in the day.

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He further added, “The sharp, and to some extent unanticipated rise in consumer inflation, should it continue further raises fears of a marked revision in the central bank’s rate stance. This would sustain pressure on yields and the INR in the medium term, supported by the Fed’s rate hike last night.

“BoP figures released yesterday, while improving QoQ from the 2%+/GDP CAD levels were seen in Q1FY18, remain a matter of concern, driven by a steadily widening trade deficit, now over USD 130 billion on a 12-month rolling basis. We expect the 10-year yield to trade around 7.15-7.30 percent,” he added.

Dollar slide after the Federal Reserve raised its outlook for US growth and held its forecast for the number of interest-rate increases next year amid benign inflation.


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