We expect the USD-INR to continue trading this range in the near term, says Ashutosh Raina of HDFC Bank.
The Indian rupee opened marginally lower at 67.41 per dollar on Tuesday against previous close 67.35.
Ashutosh Raina of HDFC Bank said, "US dollar has been gaining against most of the major and EM currencies, after some positive data. The USD-INR pair has also come off from recent highs after briefly trading below 67/dollar levels and subsequently settling in the 67-67.50/dollar range."
"We expect the USD-INR to continue trading this range in the near term," he added.
The dollar slipped ahead of the US Federal Reserve's two-day policy meeting that begins later on Tuesday, while the yen gained on hopes that the Bank of Japan will ease later this week.
The US central bank is widely expected to stand pat on policy, but investors were bracing for any possible signals from the Fed about a tightening later this year.The Great Diwali Discount!
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First Published on Jul 26, 2016 09:02 am