The Indian rupee opened lower at 66.75 per dollar on Friday versus 66.69, down 18 paisa. Ashutosh Raina of HDFC Bank says the the dollar-rupee pair continues to trade in the 66.50-67.00 range. The initial strength after RBI rate cut has been capped by the global dollar strength.
Meanwhile, sterling plunged to a three-decade low. The pound fell almost 10 percent at one point to USD1.1378 before stabilising around USD1.2415, still down 1.5 percent from late US levels, leaving traders scratching their heads in the absence of news or market events that would justify such a move.
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