Forex Market News

Rupee Opens Flat At 68.10 Per Dollar

The Indian rupee has opened flat at 68.10 per dollar on Monday versus 68.12 Friday. Pramit Brahmbhatt of Veracity said, “In anticipation of a interest rate hike, dollar will continue to trade with positive bias, putting pressure on rupee.
Trading range for USD/INR seen at 68-68.50/dollar.” The dollar rose to its highest level since April 2003 against a basket of currencies on Friday and was on track for its largest two-week increase since March 2015, as traders piled bets on a massive dose of fiscal stimulus under a Donald Trump US presidency. Also stoking the dollar rally were growing expectations the Federal Reserve would raise interest rates next month on signs of rising inflation and improved economic growth.
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