Forex Market News

Indian Rupee Opens Marginally Lower At 64.55 Per Dollar

The Indian rupee opened marginally lower at 64.55 per dollar on Wednesday versus previous close 64.53. Pramit Brahmbhatt of Veracity said, “The rupee will take cues from weak domestic equity market and will trade sideways to negative.
We expect the spot USD-INR pair to trade in a range of 64.40-64.80/dollar.The dollar index tumbled against major currencies and ceded ground after hitting a five-week high against the yen.
Meanwhile, the euro traded at a ten-month high against the greenback following ECB president Mario Draghi’s comments that the central bank could potentially adjust its policy in response to improving economic conditions.
According to Dhawal Dalal of Edelweiss AMC, “The government bond prices have remained rangebound with a declining trend perhaps due to profit booking. Price chart also looks a tad weak from a technical perspective in the near term. We maintain our bullish outlook over the medium term and target 10-year benchmark bond yield at 6.25 percent,” he added.
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