The Indian rupee opened marginally higher at 67.93 per dollar on Wednesday versus previous close of 67.95 against the US dollar. NS Venkatesh, ED at Lakshmi Vilas Bank said, “The global developments arising out of general weakness of dollar and strengthening of pound will have a bearing on the way our currency and equity markets will behave. The rupee is expected to move in a range of 67.82-68.08/dollar,” he added.
The dollar fell to a four-week low, moving lower against all group of 10 currencies with sterling leading the charge. After a soothing speech on Brexit from British Prime Minister Theresa May triggered the pound’s largest one-day percentage gain since 2008. A recent sell-off in the dollar deepened after president-elect Donald Trump said the Greenback’s strength against the Chinese yuan is killing us.
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