Forex Market News

Indian Rupee Opens Flat At 64.53 Per Dollar

The Indian rupee opened flat at 64.53 per dollar on Thursday versus previous close 64.52. Mohan Shenoi of Kotak Mahindra Bank said, “Global currency markets are lacklustre despite fall in crude prices and low inflation in advanced economies. The next trigger for rupee appears to be the pace and quality of GST implementation.
We expect the USD-INR pair to trade in a range of 64.40-64.70/dollar for the day. The minutes of the MPC June policy meeting has raised expectations of monetary easing in subsequent policy reviews. The G-Sec market is expected to be volatile today on profit booking.
We expect the 10-year benchmark bond yield to trade in a range of 6.40-6.47 percent for the day,” he added.The dollar edged lower against basket of rival currencies and is trading on the backfoot versus the yen. The greenback also eased from one-month highs on falling oil prices.
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