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Indian rupee opens higher by 9 paise at 64.95 per dollar

The USD-INR pair is hovering around 65 pivots and is looking for a breakout, says Bhaskar Panda of HDFC Bank.

The Indian rupee opened higher by 9 paise at 64.95 per dollar on Tuesday versus 65.04 yesterday.

Bhaskar Panda of HDFC Bank said, “The USD-INR pair is hovering around 65 pivots and is looking for a breakout. I expect another tame day today in which the USD-INR pair might trade in a range of 64.95-65.10.”

“India’s February CPI was below expectations and fear of a sudden acceleration seems like a remote possibility. Hence, the 10-year benchmark bond yield is down and may move towards 7.60 percent gradually,” he added. The dollar weakened against most currencies pressured by data showing persistently low wages is likely to constrain the Fed from raising rates more than three times this year.

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