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Last Updated : Dec 03, 2015 09:07 AM IST | Source: Moneycontrol.com

Rupee slips 8 paise, opens at 66.67 per dollar

With RBI presence, the USD-INR is expected to be stable today in a range of 66.35-66.65/dollar, says Mohan Shenoi of Kotak Mahindra Bank.

The Indian rupee declined in the early trade on Thursday. It has opened lower by 8 paise at 66.67 per dollar versus 66.59 Wednesday.

Mohan Shenoi of Kotak Mahindra Bank said, "Fed Chair Yellen's speech on Wednesday makes a December lift-off of Fed rates near certain. However, subsequent increases are expected to be gradual."

He further added, "On the other hand low inflation has increased odds of further QE in Eurozone in today's European Central Bank (ECB) rate setting meeting. This monetary divergence is lending support to the dollar."

"With Reserve Bank of India (RBI) presence, the USD-INR is expected to be stable today in a range of 66.35-66.65/dollar," he said.

Also Read - RBI may cut rates at February review, says BofAML

The US dollar climbed to its highest against the euro in more than seven months after Federal Reserve Chair Janet Yellen once again flagged an interest rate hike that may come in two weeks.

The greenback also touched its strongest level against the yen since around mid-November, on pace for its biggest one-day gain in three weeks.
First Published on Dec 3, 2015 09:05 am