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Last Updated : Mar 01, 2017 09:11 AM IST | Source:

Rupee opens lower at 66.78 per dollar

We expect the USD-INR to continue trading in 66.50-67 range with RBI expected to cap gains, says Ashutosh Raina of HDFC Bank.

The Indian rupee has opened lower by 9 paise at 66.78 per dollar on Wednesday versus previous close of 66.69.

Ashutosh Raina of HDFC Bank says the USD-INR pair continued to trade strong in the 66.50-67/dollar range on the back of global positive risk sentiment, resumption of portfolio flows, and strong intervention.

He expects the pair to continue trading in this range with RBI expected to cap gains.

The dollar weakened slightly as investors awaited President Donald Trump's speech to congress for fresh indications of his economic plans and as portfolios were rebalanced for month-end.

Investors are also focused on when the Federal Reserve is likely to next raise interest rates as a plethora of Federal Reserve officials deliver speeches this week, culminating in an address by Fed Chair Janet Yellen on Friday.

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First Published on Mar 1, 2017 09:02 am
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