The Indian rupee opened lower by 18 paise at 64.69 per dollar on Friday versus previous close 64.51.
Ashutosh Raina of HDFC Bank said, “The USD-INR pair breached the crucial technical level of 64.80/dollar, after the RBI maintained status quo in repo rate. The strong portfolio flows continue to help the pair.
We expect a trading range of 64.30-64.80/dollar in the near term, with RBI expected to support at lower levels,” he added. The dollar edged up and is on track for modest weekly gains, as investors nervously waited on the outcome of talks between the US and Chinese presidents and ahead of a monthly jobs report that could back views for more US interest rate hikes.
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