The Indian rupee retreated against the US dollar in early trade Thursday. It opened at 64.40, down 7 paise compared with previous closing level of 64.33 a dollar. Mohan Shenoi of Kotak Mahindra Bank said the rupee closed marginally stronger in previous session (9 paise higher) on the back of inflows and dovish monetary policy.
However global markets are expected to be cautious today in view of the ECB meeting, UK elections and Comey testimony, according to him.
Shenoi expects the rupee to trade in range of 64.20-64.55 against the US dollar.Meanwhile, the euro held steady today ahead of the European Central Bank’s policy announcement, while sterling was supported by expectations that Prime Minister Theresa May’s party will win a majority in Britain’s election.
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