Rupee opens lower at 66.92 per dollar : 27.10.2016
We expect the USD-INR to trade in a range of 66.75-67% for the day,
The Indian rupee opened lower by 9 paise at 66.92 per dollar on Thursday versus previous close 66.83. "With upcoming US elections, Fed rate hike on November 2 looks unlikely. However, dollar continues to strengthen on the back of expectations of Fed rate hike in December." "The Rupee has been resilient in a range on the back of exporter selling. We expect the USD-INR to trade in a range of 66.75-67% for the day," he added. The US dollar fell against a basket of major currencies after touching a nearly nine-month high on Tuesday as the greenback looked vulnerable to weakness on uncertainty surrounding Federal Reserve monetary policy and the US election. Meanwhile, the euro rose from a seven-month low on signs that the european economy may be improving enough to reduce pressure on the ECB to further ease monetary policy.
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We expect the USD-INR to trade in a range of 66.75-67% for the day,
The Indian rupee opened lower by 9 paise at 66.92 per dollar on Thursday versus previous close 66.83. "With upcoming US elections, Fed rate hike on November 2 looks unlikely. However, dollar continues to strengthen on the back of expectations of Fed rate hike in December." "The Rupee has been resilient in a range on the back of exporter selling. We expect the USD-INR to trade in a range of 66.75-67% for the day," he added. The US dollar fell against a basket of major currencies after touching a nearly nine-month high on Tuesday as the greenback looked vulnerable to weakness on uncertainty surrounding Federal Reserve monetary policy and the US election. Meanwhile, the euro rose from a seven-month low on signs that the european economy may be improving enough to reduce pressure on the ECB to further ease monetary policy.