Moneycontrol
Mar 17, 2017 12:35 PM IST | Source: Moneycontrol.com

Indian Rupee opens lower at 65.45 per dollar

We expect the USD-INR to consolidate around current levels, although the appreciating bias could continue, with RBI expected to limit volatility, says Ashutosh Raina of HDFC Bank.

Indian Rupee opens lower at 65.45 per dollar

The Indian rupee opened marginally lower at 65.45 per dollar on Friday versus previous close 65.41.

Ashutosh Raina of HDFC Bank said, "The US rate hike, accompanied by dovish commentary, resulted in dollar sell-off, with dollar index settling close to 100. The resultant appreciation in the USD-INR pair has been pretty sharp, breaching major technical supports, and settling close to the 65.50/dollar level."

He further added, "We expect the pair to consolidate around current levels, although the appreciating bias could continue, with RBI expected to limit volatility."

The dollar remained under pressure, wallowing at five-week lows and on track for weekly losses after the US Federal Reserve signalled fewer interest rate hikes than some investors had expected.
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