The Indian rupee opened flat at 64.43 per dollar on Tuesday versus previous close 64.44. Bhaskar Panda of HDFC Bank said, “India story keeps the USD-INR rangebound. Expect a range of 64.35-64.55/dollar to play out for today.
He further added, “Retail inflation came below expectations. Rate cut hopes are now increasing. The 10-year benchmark yield is expected to trade within 6.50-6.52 percent for today.”
The dollar index, which measures the dollar against a basket of rival currencies, is marginally softer ahead of the FOMC meeting on Wednesday. While political uncertainty weighs on sterling.
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