Indian Rupee opens lower at 64.17 per Dollar

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The Indian Rupee opened marginally lower at 64.17 per Dollar on Tuesday against previous close 64.13.

The trade gap widened due to tepid growth in exports and quantum jump in imports, as far as India is concerned. However, woes for the Dollar still remain, especially after less than expected retail sales data.

Expectations of a rate hike in Britain is keeping the pound elevated. Given all this, expect USD-INR pair to trade within a range of 64.10-64.25 for today.

10-year Indian benchmark yield is moving higher on inflation expectations. Expect it to remain within the 6.60-6.63 percent range.

The Dollar held on to gains after strengthening overnight, with the greenback touching a seven-week high against the yen.

Meanwhile, the dollar index is mostly flat against a basket of currencies.

 

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