USD-INR pair enters into bearish phase: Ashutosh Raina

Ashutosh Raina, HDFC Bank said, "The USD-INR currency pair appears to have entered a bearish phase after the trade deficit numbers and weak equity markets, supported by weak technicals. The trend may continue and the pair hitting near-term lows cannot be ruled out. The crucial FOMC meeting starts tonight, and outcome will be keenly awaited. We expect the pair to trade in a range of Rs 63-63.9/USD today."

"The 10-year benchmark yields continue to trade in 7.75-7.85% range tracking the weakness in the USD-INR currency pair," he further added.