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Indian rupee opens lower at 63.60 per dollar

The rupee will remain under pressure on the back of a strong dollar, says Pramit Brahmbhatt of Veracity.

January 29, 2018 / 09:01 AM IST

The Indian rupee opened lower by 5 paise at 63.60 per dollar on Monday versus 63.55 Thursday.

Pramit Brahmbhatt of Veracity said, "The rupee will remain under pressure on the back of a strong dollar. We expect the spot USD-INR pair to trade in a range of 63.50-63.80 for the day."

The US dollar wobbles near three-year lows against basket of major currencies struggling to rebound from six straight week of losses amid doubts of the US government's commitment to the a stronger currency.

US Treasury Secretary Steve Man-Uchin's comments on Friday gave the dollar bears a big boost with a big endorsement of a weaker dollar.

Ajay Manglunia of Edelweiss said, "As US treasury yields and crude prices remain elevated, the domestic bond market is unlikely to see any significant change from the recent trend."

"Participants are expected to remain on the sidelines ahead of the Budget and I expect the 10-year benchmark bond yield to trade in a range of 7.29-7.33 percent today," he added.

Tags: #Rupee
first published: Jan 29, 2018 09:00 am

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