The Indian rupee gained further in the early trade on Thursday and opened at over one year high at 65.40 per dollar, gain of 29 paise versus previous close 65.69. Yesterday the rupee ended at a fresh 16-month high.
Mohan Shenoi of Kotak Mahindra Bank said, “US Fed delivered another dovish hike on Wednesday. Dollar saw a sell-off as markets reassess the number of hikes this year.”
The state election results has led to a rally in equity markets in India on the back of FII inflows which is positive for rupee. We expect the USD-INR to trade in a range of 65.15-65.45/dollar for the day,” he added.
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