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Indian rupee opens 10 paise higher at Rs 64.88 per dollar

The Indian rupee opened higher at Rs 64.88 per dollar on Wednesday versus 64.98 yesterday.

Pramit Brahmbhatt of Veracity said, “The rupee is expected to remain in the range of 64.50-65 with a positive bias. Support from the domestic equity market and pressure on US dollar globally may push the USD-INR towards 64.50.”

The US dollar rebounded in trade, surging from a 5-week low on the back of easing tensions of a global trade war and support from month-end flows. Euro slipped as inflation concerns resurface.

Dhawal Dalal of Edelweiss said, “Government bond market witnessed an unprecedented relief rally yesterday after the government surprised with lower-than-expected market borrowing for H1FY19.”

“We expect govt bond market to maintain its momentum in the near term ahead of the financial year-end and negative bond supply in April 2018.”

“We expect the 10-year benchmark bond yield to trend towards 7.25 percent and consolidate in 7.20-7.4 percent range in the near term,” he added.

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