Gopikrishnan also said that given that the Reserve Bank of India has changed its monetary policy stance, another rate hike is likely.
The rupee is likely to be in the range of 73.50-74.50 against the US dollar for the time being, said MS Gopikrishnan, head of macro trading and financial markets at Standard Chartered Bank (SCB), adding that the currency will continue to see pressure for short-term.
"There needs to be a lot more negative news flowing in for rupee to trend higher and probably beat 75 per dollar range," Gopikrishnan told CNBC-TV18.
Gopikrishnan added that Indian bond market has been under pressure due to the supply and demand seen in the last nine months, and also due to crude oil prices going up.
"Rate hike not coming on the Friday policy was definitely a comforting factor. Bond yields will fall and are expected to be in the range of 7.90-8.10 simply because the bad news is behind us now," he added.
Gopikrishnan also said that given that the Reserve Bank of India (RBI) has changed its monetary policy stance, another rate hike is likely.Source: CNBC-TV18