Rupee opens marginally lower at 66.78 per dollar

The Indian rupee has opened marginally lower at 66.78 per dollar on Monday compared to 66.76 a dollar in previous trading session.

Agam Gupta of StanChart says range for the day should be 66.65-67.10 a dollar and there could be a technical move up to 67.00-67.10 a dollar.

He expects local government banks to supply dollar above 67 a dollar. "We also anticipate exporters to be active sellers of dollar on upticks as they hedge their dollar receivables," he says.

On the downside, the rupee could dip to 66.65-66.70 a dollar where demand from importers should come in.The dollar hit an eight-month high against a basket of currencies as speculation the Swiss National Bank could follow the ECB in cutting deposit rates further pushed major competitors lower.