Forex Market News

Indian Rupee Opens Flat At 64.34 Per Dollar

The Indian rupee opened flat at 64.34 per dollar on Wednesday against previous close 64.33. Pramit Brahmbhatt of Veracity said, “Rupee will appreciate and may test 64.20/dollar. Trading range for the spot USD-INR pair for the day will be 64.20-64.50/dollar.”
The dollar was softer against a basket of rival currencies as the Federal Reserve’s two-day policy meeting is underway and investors expect will conclude with an increase in interest rates.
According to Motilal Oswal currency report, the rupee continues to consolidate in a narrow range ahead of the two-day FOMC policy meeting that concludes today and we could continue to see the consolidation continuing for the pair in today’s session as well.”
“Expectation is that the Federal Reserve could raise rates by 25 bps but importantly market participants will be keeping an eye on the Fed chair statement to gauge a view on rate hike prospects for the coming year,” it added.
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