The Indian rupee opened higher by 12 paise at 68.30 per dollar on Thursday versus previous close 68.42.
Rupee continued to remain under pressure against the US dollar and fell to the lowest level since November 2016 following surge in global crude prices and FII fund outflows from equity and debt segment, said Motilal Oswal.
Strength in the dollar against its major crosses ahead of important FOMC meeting minutes also weighed on the rupee. Minutes showed that Federal Reserve officials expect another rate hike is on its way soon.
Most Fed officials were upbeat about the prospects for the economy and said that the next rate hike would “likely soon be appropriate.”
Probability for rate hike at its June meeting now stands over 75% thereby keeping the gains for dollar supported on lower levels. The USD-INR pair is expected to open flat and, for the day, is expected to quote in the range of 68.05 and 68.50.
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