Moneycontrol
Feb 11, 2016 09:01 AM IST | Source: Moneycontrol.com

Rupee down 10 paise; opens at 67.95 per dollar

We expect the USD-INR to trade in a range of 67.75-68.10/dollar, says Mohan Shenoi of Kotak Mahindra Bank.

Rupee down 10 paise; opens at 67.95 per dollar
The Indian rupee opened lower by 10 paise at 67.95 per dollar on Thursday versus 67.85 Wednesday.

Mohan Shenoi of Kotak Mahindra Bank said, "Yellen's testimony to Congress acknowledges impact of global markets turmoil on US growth and inflation. Dollar continues to be under pressure against major currencies."

"In India, depreciation pressure on rupee from weak equity market is neutralised by dollar decline against major currencies."

"We expect the USD-INR to trade in a range of 67.75-68.10/dollar," he added.

The dollar was broadly lower after comments from Federal Reserve Chair Janet Yellen gave investors no reason to change their minds that the next rate hike will be a long time coming.

Sections
Follow us on
Available On