Rupee opens marginally lower at 66.25 per dollar
We expect the currency pair to trade in the 66.00-66.50/USD range in the near term, says Ashutosh Raina of HDFC Bank.
Ashutosh Raina of HDFC Bank says holiday-shortened year-end market with thin volumes is getting further pressurised by falling oil prices and growth concerns in China.
The dollar lost against most of the major and emerging marketcurrencies on the back of some year-end profit booking on long dollar positions, he adds.
Raina says gains in USD-INR pair were limited by aggressive intervention from Reserve Bank of India (RBI). He expects currency pair to trade in the 66-66.50/USD range in the near term.
The US dollar held near a more than one-week low against a basket of major currencies as some traders take profits ahead of year-end.