Moneycontrol
Sep 14, 2017 09:02 AM IST | Source: Moneycontrol.com

Indian rupee slips 17 paise in opening trade

In the absence of any major triggers, the rupee is expected to stay in a tight range with trading range for the day at 64-64.30, says Mohan Shenoi of Kotak Mahindra Bank.

Indian rupee slips 17 paise in opening trade

The Indian rupee slipped in the early trade on Thursday. It has opened lower by 17 paise at 64.17 per dollar versus 64 Wednesday.

Mohan Shenoi of Kotak Mahindra Bank said, "Risk-on is back with geopolitical risks receding resulting in modest gain for dollar across major currencies. In the absence of any major triggers, the rupee is expected to stay in a tight range with trading range for the day at 64-64.30."

He further added, "Higher CPI print for August coupled with higher crude prices and rising bond yields globally has turned Indian bond market bearish. Continuing OMO sales and higher supply of state development loans are also adding to bearishness."

"We expect the 10-year benchmark bond yield to trade in a range of 6.58-6.62 percent for the day," he said.

The US dollar rose, as traders shook off a weaker-than-expected read of producer prices. Focus now shifts to consumer-focused US inflation data today - that will be closely watched by the US Federal Reserve as it considers when to next raise interest rates.
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