Rupee consolidating, to trade in 64.10-64.40 range: Mohan Shenoi

Mohan Shenoi of Kotak Mahindra Bank said, "US FoMC considered weak Q1 data as transitory, indicating a June hike in Fed rates is on track. As a result, the dollar has posted marginal gains against the yen in particular."

"The rupee is consolidating after sharp gains in March and April. We expect the USD-INR pair to trade in a range of 64.10-64.40/dollar for the day."

"Negative sentiment continues to prevail in the bond market and G-Sec trading volumes are low. We expect the 10-year benchmark bond yield to trade in a range of 6.94-6.98 percent for the day," he added.