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Indian Rupee Opens higher at 63.73 per Dollar

The Indian Rupee opened higher by 4 paise at 63.73 per Dollar on Wednesday against previous close 63.77.

There would be a rangebound trade in the Rupee in absence of any cues.

The expected spot USD-INR pair to trade in a range of 63.80-64.

Asian indices traded mixed in early trade but the Dollar continues to slide against the Yen as the rally seen yesterday subsides.

Rising consumer confidence in Europe also adds to the dollar weakness.

There is a fair bit of optimism in the air – from Davos to Delhi. In India, the Govt’s optimism on revenue collection trend may have facilitated them to reduce borrowing in scheduled auctions. Bond market participants are pleasantly surprised with lower supply and are reworking their math for the fiscal deficit and the net borrowing next year in the Union Budget.

As a result, the expected 10-year benchmark bond yield to trend lower in the near term amid expectations of a balanced budget and lower-than-expected net supply next fiscal year.

 

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