The Indian rupee declined in the early trade on Friday. It has opened lower by 12 paise at 64.66 per dollar versus 64.54 Thursday.The rupee has opened at the lowest level since May 30.
Ashutosh Raina of HDFC Bank said, “The hawkish FOMC and some roadmap about the shrinking of Fed balance sheet, coupled with some good data out of US have sent dollar index higher from recent lows.
The shrinking of Fed balance sheet can impact the EM currencies including INR, and we can expect some weakness going ahead.””Expect the USD/INR currency pair to trade in 64.40-64.70/dollar range today.”
The bonds saw some profit booking after the recent rally with 10-year settling at 6.48. Expect the 10-year to trade in 6.46-6.51 range today,” he added. The dollar index, which tracks the greenback against six major peers is higher after upbeat US economic data gave investors reason to hope the US Central Bank will stick with its plan to hike rates.
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