May 17, 2013 09:50 AM IST | Source: Moneycontrol.com

Indian rupee opens lower at 54.85 per dollar

The Indian rupee opened at 54.85 per dollar versus 54.77 yesterday.The rupee is likely to continue its positive streak today supported by hopes of a further rate cut and good dollar inflows into the Indian market, says Pramit Brahmbhatt, Alpari.

Indian rupee opens lower at 54.85 per dollar

The Indian rupee opened lower at 54.85 per dollar versus 54.77 yesterday.

Pramit Brahmbhatt, Alpari said, "The rupee is likely to continue its positive streak today supported by hopes of a further rate cut and good dollar inflows into the Indian market. However, the rising trade gap is putting pressure on the current account deficit and that could cap the upside. The range for the day is seen between 54.60-55.10/USD." 

The euro stayed around 1.28 to the dollar. Meanwhile, the dollar index was firm above 83.70 levels.

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