Forex Market News

Rupee Gains Further, Opens 11 Paise Higher At 67.85/$

The Indian rupee has strengthened further in early trade Friday. It has opened at 67.85 a dollar, up 11 paise compared with 67.96 a dollar in previous session. Bhaskar Panda of HDFC Bank says economic data released in the US was better than expected but the Dollar index is still subdued.
The effect will be felt in emerging market currencies including the USD-INR pair, he feels. Panda expects the rupee to trade in a range of 67.75-68 against the US dollar for the day. The dollar retreated to the 101 handle against a basket of currencies, from levels above 103.60 reached earlier in the week.
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