The Indian rupee remained unchanged in early trade Thursday compared to previous day's closing value. The currency has opened at 63.60 a dollar.
Tirthankar Patnaik, Mizuho Bank expects the rupee to remain resilient in the near-term relative to peers but the rupee is yet to factor in worsening of the Greek crisis.
He also expects gradual depreciation in the currency and the normalisation towards emerging market peers to continue. Despite recent depriciation, the rupee remains an outperformer across emerging market currencies, Patnaik said.
He expects the rupee to move towards 65/USD by year-end.
The dollar fell marginally as investors' focus slowly shifted from Greece to prospects for higher US interest rates. The dollar index had hit a peak of 95.63 yesterday, its highest level since June 12.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
