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Indian Rupee Opens higher at 63.85 in early Trade

The Indian Rupee gained in the early trade on Thursday. It has opened higher by 3 at 63.85 per Dollar on versus 63.88 yesterday

Fall in Dollar index was stalled on the expectation of passage of a temporary bill to avoid US Federal shutdown. The Rupee is expected to be in a broad range of 63.50-64.20 awaiting further triggers from the Union Budget.

The USD-INR pair is expected to trade in a range of 63.70-64 for the day.

“The reduction of additional government borrowing to Rs 20,000 cr from earlier Rs 50,000 cr has resulted in improved sentiment in the local bond market.”

“The market expects RBI’s neutral stance to continue in its policy review next month. The Union Budget can provide further triggers to the bond market.”

The expected 10-year benchmark bond yield to trade in a range of 7.20-7.25 percent for the day.

The Dollar pulled back from 3- year low levels as the Euro’s recent rally lost steam, meanwhile, the US currency is steady versus the Yen.

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