The Indian rupee opened lower by 5 paise at 64.41 per dollar on Tuesday versus previous close 64.36.
Bhaskar Panda of HDFC Bank said, "The focus is now on FOMC decision on upcoming interest rate hike in US. However, USD-INR has got wing from the probable outcome on elections."
"Given this background, expect USD-INR to trade within a range of 64.30-64.50 for today."
"In India, the 10-year benchmark yield has been slowly moving up. All eyes are on next inflation numbers. Expect the 10-year yield to remain elevated and move towards 7.25 percent gradually," he added.
Dollar steadied against a basket of major currencies as the Federal Reserve is expected to hike rates on Wednesday, though concerns about tepid inflation weighing slightly on the greenback.
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