Indian rupee opens lower at 64.90 per dollar

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The trading range for the spot USD-INR is expected to be 64.50-65, says Pramit Brahmbhatt of Veracity.


The Indian rupee opened lower by 11 paise at 64.90 per dollar on Wednesday versus previous close 64.79.
Pramit Brahmbhatt of Veracity said, "Rupee will trade with a negative bias on back of stronger dollar as well as weakness in the domestic equity market. 64.80 is the immediate support for the rupee and more weakness can be seen beyond the support."

"The trading range for the spot USD-INR is expected to be 64.50-65," he added.

The US dollar rose to a six-year high as it extends the rebound from a three-year low helped by rising treasury yields and profit-booking by forex traders.

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Dhawal Dalal of Edelweiss said," Governmnet bond prices continued to drift lower amid declining trading volumes and lack of appetite for bonds. Market participants are focussing on trajectory of the rupee and crude oil for further cues in bond yields.""Market positions continue to remain light. Based on the recent move in bond yields, we expect the 10-year benchmark bond yield to trend towards 7.80 percent in the near term from a technical perspective," he added.


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