We expect the USD-INR to trade in a range of 68.05-68.40/dollar today, says Mohan Shenoi of Kotak Mahindra Bank.
Mohan Shenoi of Kotak Mahindra Bank said, "As expected, the FOMC has kept policy rates unchanged. Due to adverse global financial developments, odds of a hike in March have also fallen. Number of hikes anticipated this year has fallen to 2-3 from 3-4 earlier."
He further added, "The rupee is impacted more by global developments than any local factors."
"We expect the USD-INR to trade in a range of 68.05-68.40/dollar today," he said.
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The dollar weakened against the euro and the yen after the Federal Reserve left interest rates unchanged.