Moneycontrol
Oct 05, 2017 09:02 AM IST | Source: Moneycontrol.com

Indian rupee opens lower at 65.09 per dollar

USD-INR trading range for the day is seen between 64.90-65.20, says Mohan Shenoi of Kotak Mahindra Bank.

Indian rupee opens lower at 65.09 per dollar

The Indian rupee opened lower at 65.09 per dollar on Thursday versus previous close 65.01.

Mohan Shenoi of Kotak Mahindra Bank said, "Rupee has gained from exporter participation and revival of carry trades post RBI announcing status quo on interest rates. USD-INR trading range for the day is seen between 64.90-65.20."

He further added, "Rising trajectory of CPI, status quo on RBI policy, reduction in SLR and HTM holdings by banks and worries on Fed's unwinding plans has made local bond market bearish."

"10-year yield has jumped up to 6.70 percent following lack of cues from RBI for further rate cuts. 6.79% GoI 2027 expected trading range for the day is 6.69-6.73 percent," he said.

The US dollar weakened as investors repositioned ahead of Friday's highly anticipated jobs report, but pared losses on a strong non-manufacturing report.

Remember, improving US data along with the prospect of US tax cuts and the likelihood of Fed rate hike in December have boosted the US currency in recent weeks.
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