The Indian rupee gained in the opening trade on Thursday. It has opened higher by 10 paise at 67.54 per dollar versus 67.64 yesterday.
The USD-INR pair after opening higher came under pressure in the latter half of the session as the dollar fell against its major crosses. Volatility for the dollar was confined to a narrow range ahead of the FOMC policy statement that was released last evening. The Fed chairman, in line with expectation, raised rates by 25bps and officials projected to raise rates twice more this year, said Motilal Oswal.
The Fed dropped its pledge to keep rates low enough to stimulate the economy “for some time” and signaled it would tolerate inflation above its 2% target at least through 2020.
Overall the statement was hawkish which was supportive for the dollar as well as US 10-year yield. Today, USD-INR pair is expected to quote in the range of 67.45 and 67.80-67.95, it added.
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