The Indian rupee slipped in the early trade on Thursday. It has opened lower by 30 paise at 66.83 per dollar versus 66.53 Monday. Mohan Shenoi of Kotak Mahindra Bank said, “FOMC minutes while justifying the decision to hold rates has hinted that strengthening US economy warrants a Fed rate hike soon. Dollar Index is now at a seven month high.
USD-INR is expected to open around 66.85 today and then settle in a range of 66.70 to 67,” he added. The US dollar held near a seven-month high against a basket of major rivals after Federal Reserve meeting minutes reinforced expectations that the Central Bank would hike rates in December.
Meanwhile pound rallied after UK prime minister Theresa May said she would offer provide lawmakers some scrutiny over the Brexit proceedings and that the country would seek “maximum possible access” to EU’s single market.
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