The Indian rupee opened flat at 66.72 per dollar Thursday against previous close 66.71. Mohan Shenoi of Kotak Mahindra Bank said, “US FOMC statement continues to signal a Fed rate hike in December. However, dollar has given up gains against major currencies awaiting the outcome of US presidential election next week.”
Overall risk-off sentiment has impacted Indian stocks, bonds adversely and has kept rupee in a range. We expect the USD-INR pair to trade in a range of 66.55-66.85/dollar for the day,” he added. The dollar dropped, extending the longest losing streak since July, as currency traders seeking a clearer signal that Federal Reserve policy makers are determined to raise rates this year were left disappointed. Investors are also coping with uncertainty just six days before the tightening US presidential election and two days before the October employment report.
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