July 16, 2015 / 09:10 IST
The Indian rupee opened lower in early trade on Thursday. It slipped 9 paise to 63.50 per dollar against previous day's closing value of 63.41 a dollar.
Mohan Shenoi of Kotak Mahindra Bank said, "Grexit having been averted, the focus of markets has now shifted back to US monetary policy with Yellen's testimony suggesting a September Fed rate hike."
"Iran nuclear deal is likely to precipitate fall in crude oil prices. All this has resulted in dollar strength against major currencies. The USD-INR pair is however is stable in a range with RBI presence on both sides. The USD-INR is expected to trade today in a range of 63.40-63.70/dollar," he added.
Dollar gained after Fed Chair Janet Yellen reinforced market expectations for a US interest rate hike, possibly as soon as September.
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