The Indian rupee slipped in the early trade on Thursday. It has opened lower by 10 paise at 68.48 per dollar versus previous close 68.38. Mohan Shenoi of Kotak Mahindra Bank said, “Oil prices have risen on the back of OPEC decision to cut production. Strong US data makes December rate hike near certain.” “US treasury yields go higher and dollar strength against global majors continues.
We expect the USD-INR to trade in a range of 68.45-68.80/dollar for the day,” he added. The US dollar surged to a 9-month high against the yen and also gains against the euro and Swiss Franc after a surge in oil prices pushed US treasury yields higher.
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