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.
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!
