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.
On bond yield, he said lowering of inflation forecast followed by dovish statement by the RBI has made the bond market bullish. Lower Brent crude prices and continued FII flows are likely to push yields further down, he feels. Shenoi expects 6.79 percent bond yield to trade in the range of 6.52-6.57 percent for the day.
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