Forex Market News

Indian Rupee Opens Weak At 64.34 Per Dollar; Down 19 Paise

The Indian rupee opened lower by 19 at 64.34 per dollar on Thursday versus previous close 64.15. According to Mohan Shenoi of Kotak Mahindra Bank, “The dollar weakened against most currencies due to political developments and mixed data from the US. The rupee is well supported on the back of custodial flows into the country.
The USD-INR is expected to trade in a range of 64.10-64.40/dollar for the day. CPI inflation lower than market expectation, forecast of an above normal monsoon and fall in US treasury yields across the board has lifted sentiment in the bond market. We expect the 10-year benchmark bond yield to trade in a range of 6.62-6.67 percent for the day,” he added.
The dollar fell to its lowest level against the yen since May 1 and hit a six-month low against the Swiss franc as talk that US President Donald Trump could face the threat of impeachment boosted safe-haven assets. The dollar index fell to its lowest level since November 9, surrendering all of its “Trump Bump” gains.
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