The Indian rupee opened marginally higher at 66.69 per dollar versus previous close 66.71. Ashutosh Raina of HDFC Bank said, “In the run up to the March FOMC next week, the probability of Fed hiking rates has gone up substantially. While the rupee continues to gain on the back of sustained portfolio inflows, depreciation is likely as the dollar continues to gain.
We expect the USD-INR pair to trade in a range of 66.60-66.90/dollar today,” he added. The dollar firmed to six-week highs against the yen and looked set for a modest weekly gain as investors awaited US job data later in the day that is expected to reinforce expectations of a Federal Reserve interest rate hike next week.
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