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. On bonds, he says the bonds continue to consolidate around current levels, although the weak CPI data may help as market may start factoring in one more rate cut from RBI in December.
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