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Indian rupee opens higher 22 paise at 64.95 per dollar

The Indian rupee gained in the early trade on Monday. It has opened higher by 22 paise at 64.95 per dollar versus 65.17 Friday.Pramit Brahmbhatt of Veracity said, “The rupee will trade with a positive bias and appreciate below the 65 mark. Mixed US economic data will have no impact on the rupee, but domestic equity market will help.”

“We expect the spot USD-INR pair to trade in a range of 64.80-65.20 for the day,” he added.
Taking cues from the strong US jobs data, the dollar trades firm against a basket of currencies on rising optimism that the Federal Reserve would not quicken its pace on raising interest rates.

Meanwhile, in Asia, the yen weakens against the US dollar in trade after the Bank Of Japan sticks to its dovish policy stance.

Ajay Manglunia of Edelweiss said, “The bond markets are expected to be in cautious mode ahead of the CPI inflation data later today. The expectations of a softer reading can lend a positive bias but the uptick in US Treasury yields following strong payroll data might prove to be a dampener.”

“The 10-year benchmark bond yield is expected to trade in a range of 7.64-7.70 percent today,” he said.

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