The Indian rupee has bounced back on Friday. It has opened at 66.84 a dollar, higher by 9 paise compared with 66.93 a dollar in previous session. Ashutosh Raina of HDFC Bank says the release of FOMC minutes indicating chances of a rate hike in December coupled with weak Chinese data resulted in a risk-off sentiment across markets.
The Dollar gained across the board with the Dollar index moving to 98 levels and the USD/INR currency pair was no exception with the pair closing near 67 a dollar figure (on Thursday), he adds. Raina expects the pair to trade in 66.50-67 per dollar level in near term with a depreciating bias.
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