Rupee consolidates around 63/$: Ashutosh Raina

Ashutosh Raina of HDFC Bank said, "The upward march of USD continues amid thin trading in holiday season. The revival of risk appetite helped global equity markets end higher, with dollar broadly firm on divergent yield outlook."

He further added, "The fall in fuel prices should also help the global growth. The rupee is consolidating around 63 levels after hitting a recent high of 63.90/dollar, with suspected intervention keeping it in a tight range."

"The 10-year bond yields have settled below 8 percent. The rally is expected to continue alongside some bouts of profit booking and expected rate cuts in the upcoming RBI credit policy," he added.