The Indian rupee declined in the early trade on Monday. It has opened lower by 14 paise at 63.70 per dollar against 63.56 Friday.
The dollar started the week on the defensive after more disappointing US economic data reinforced expectations the US Federal Reserve will not hike interest rates any time soon.
Also Read - StanChart sees rupee weakening to 64.5/$ by June
Agam Gupta of Standard Chartered said, "The USD-INR pair saw dollar demand come in on any dips last week and we expect that price action to continue."
He further added, "We expect importers to buy dollar on any dips to 63.35-63.40/dollar. Upticks to 63.85-63.90/dollar should see exporters hedge long-term receivables."
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