The Indian rupee gained in the early trade on Monday. It has opened higher by 7 paise at 64.07 per dollar versus 64.14 Friday.
Pramit Brahmbhatt of Veracity said, “The ongoing correction in domestic equity market and FII outflows will force the rupee southwards. We expect the USD-INR pair to trade in a range of 64-64.50 for the day.
The dollar index, which measures the US currency against a basket of currencies is lower – amid political uncertainty and growing doubts over the prospects for another rate hike by the Federal Reserve this year. However, against the yen, the dollar edged up versus level seen last Friday.
Ajay Manglunia of Edelweiss said, “The buying momentum on Friday was not very strong and it is unlikely that gilts will move definitively in either direction in the absence of near-term triggers. The 10-year benchmark yield is expected to trade in a narrow range of 6.48-6.53 percent today.
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