Forex Market News

Indian Rupee Gains 16 Paise In Opening Trade

The Indian rupee gained in the early trade on Thursday. It has opened higher by 16 paise at 64.38 per dollar versus 64.54 Wednesday.
Mohan Shenoi of Kotak Mahindra Bank said, “No major triggers in the currency market except US political uncertainty. USD against major currencies is expected to remain rangebound in the near term.
The rupee is positive on the back of strong custodial flows. We expect the USD-INR pair to trade in a range of 64.30-64.60/dollar for the day.
Record lows in headline CPI and softening of core inflation for June coupled with low IIP print for May have raised expectations of a cut in repo rate by Reserve Bank of India (RBI). We expect the 10-year benchmark bond yield to trade in a range of 6.40-6.45 percent for the day,” he added.
The dollar slipped as Yellen’s comments sparked a significant decline in US treasury yields.The greenback also eased against the yen though has recovered some loses after sliding overnight.
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