We expect the spot USD-INR to trade in a range of 65.20-65.80, says Pramit Brahmbhatt of Veracity.
The Indian rupee opened flat at 65.43 per on Wednesday dollar versus 65.42 Tuesday.
Pramit Brahmbhatt of Veracity said, "The rupee will trade with a negative bias on the back of negative cues from domestic equity market. We expect the spot USD-INR to trade in a range of 65.20-65.80."
The dollar held steady ahead of US consumer inflation data due later today while the euro remained close to 2-1/2 week highs, getting a boost from upbeat German economic data.
Dhawal Dalal of Edelweiss AMC said, "Bond yields continue to trend higher amid rising inflation and unwinding of positions. Sentiment is weak amid continued supply pressure and uncertainty on oil prices and its impact on inflation going forward.""Market participants are unwilling to build positions despite yields looking attractive. We expect bond yields to remain rangebound in the near term in absence of any positive triggers," he added.