Ripples Advisory: Indian rupee opens higher at 64.78 per dollar

I expect another day of consolidation in a range between 64.80-65 for today…


The Indian rupee opened 9 paise higher at 64.78 per dollar on Tuesday versus the previous close at 64.87.

Bhaskar Panda of HDFC Bank said, “Risk appetite has made a comeback after trade war shock was absorbed by the markets. This has rubbed off on the USD-INR pair along with other Asian currencies. I expect another day of consolidation in a range between 64.80-65 for today.”

“The central government declared it’s borrowing calendar which indicated that the Government will raise around Rs 2.88 tn in the first half of next fiscal. Though the 10-year benchmark bond yield had tightened and moved past 7.61 percent, I expect it to stay within 7.55-7.65 percent range,” he added.

The dollar index fell to a 5-week low against a major basket of currencies with the yen also slipping on optimism that rising tension of trade war between US and China is beginning to ease.

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