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Indian rupee opens higher at 65.12 per dollar

I expect the USD-INR to open a little higher today and trade in a range of 65.05-65.25 for the day, says Bhaskar Panda of HDFC Bank.

The Indian rupee opened marginally higher at 65.12 per dollar on Friday versus 65.14 yesterday.Bhaskar Panda of HDFC Bank said, “The dollar index had rallied past the 90 mark ahead of US non-farm payroll numbers today. I expect the USD-INR to open a little higher today and trade in a range of 65.05-65.25 for the day.”

He further added, “The 10-year benchmark bond yield has started re-aligning to reality after touching a recent high. I expect the yield to trade within a range of 7.64-7.68 percent today.”

The dollar index strengthened versus major currencies, while the euro falls as Mario Draghi raises caution on inflation, protectionism.

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