Indian rupee opens at 63.67/$

The Indian rupee on Friday opened at 63.67 against the dollar, marginally stronger than its previous close.

Bhaskar Panda of HDFC Bank said, "USD-INR pair has been moving down breaking below technical levels. Expect the trend of rupee appreciation to continue as the pair is expected to trade within a range 63.50-63.75."

He further added, "RBI cut repo rate by 25 bps as expected. Not much effect on Indian benchmark yield. The 10-year is expected to trade within the 6.42-6.45 percent range for today."

The US dollar continued to weaken against a basket of major currencies after weaker-than-expected US services sector data worried investors ahead of the jobs data and stoked doubts that the Federal Reserve would raise interest rates again in 2017.

Meanwhile, the British pound skid to a 9-month low against the euro after the Bank of England kept interest rates unchanged and lowered its forecasts for growth, inflation and wages.