The Indian rupee opened lower by 10 paise at 66.80 per dollar on Monday versus 66.70 Friday. Pramit Brahmbhatt of Veracity said, “Due to global pressure and constant FII outflow, we expect the rupee to depreciate for the day. The trading range for the spot USD-INR pair is seen between 66.60-67/dollar today.
The dollar on Friday posted its best weekly performance in more than seven months after strong US retail sales and producer prices data for September reinforced expectations the Federal Reserve would raise interest rates in December. According to Motilal Oswal report, the INR may weaken today along with most Asian peers amid weak sentiment in Asian markets as Fed rate hike odds are near 65 percent in December.
In global markets, the dollar will continue to find broad based strength after Federal Reserve Chair Janet Yellen hinted that the US economy may be allowed to overshoot its inflation target. US data continues to be better with initial jobless claims near 43 year lows and retail sales jumping up 0.6 percent last month,” it added.
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