The Indian rupee opened lower by 11 paise at 66.81 per dollar on Thursday versus previous close 66.70. Mohan Shenoi of Kotak Mahindra Bank said, “A US Fed rate hike in March looks almost certain and currency markets seem to have fully priced it in. The rupee however is resilient on the back of FII flows into Indian equity markets.
We expect the USD-INR pair to trade in a range of 66.70-67/dollar for the day,” he added. Likely rise in February inflation may push RBI to act: Report The dollar held gains as a stronger-than-expected US private-sector jobs figures in February sealed expectations that the Federal Reserve will raise interest rates next week.
The ADP national employment report showed that private payrolls grew the most since December 2015. Traders now price in an 85.2-percent chance of a Fed rate hike next week.
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