The Indian rupee gained in the early trade on Monday. It has opened higher 11 paise at 64. 34 per dollar versus 64.45 Friday. Pramit Brahmbhatt of Veracity said, “On the back of positive sentiment in domestic as well as global equity market, we expect the rupee to head towards 64/dollar levels.”
The trading range for the spot USD-INR pair is seen between 64.30-64.50 today. According to Ajay Manglunia of Edelweiss, “The narrow range consolidation in the bond market is expected to continue but the upcoming OMO sale later in the week might be an overhang and lend a negative bias to proceedings. The 10-year benchmark bond yield is likely to trade in a range of 6.44-6.49 percent today.
The dollar carved out a 10-month trough as the diminished risk of aggressive US policy tightening sent investors piling into leveraged positions in higher yielding currencies or risky assets.Charts were crowded with milestones with the euro near May 2016 levels and sterling at its highest since September. The pound’s 1.2 percent jump on Friday was the largest in three months.
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