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Indian rupee opens lower 11 paise at 64.93 per dollar

US dollar looks to be stabilizing after widening fiscal numbers, but the response to retail sales data will hold the key for directional moves in US dollar, and help rupee shift away from the 65 mark, says Anand James, Chief Market Strategist at Geojit Financial Services.

The Indian rupee opened lower by 11 paise at 64.93 per dollar on Thursday against previous close 64.82.Anand James, Chief Market Strategist at Geojit Financial Services said, “Rupee was trading mostly flat against the US Dollar with RBI’s decision to ban banks from issuing LoUs, not promoting any major moves.”

“WPI slipped to 2.42 percent, a seven month low; CPI on Monday had given similar signals.”

“US dollar looks to be stabilizing after widening fiscal numbers, but the response to retail sales data will hold the key for directional moves in US dollar, and help rupee shift away from the 65 mark,” he added.

President Donald Trump’s newly-appointed top economic advisor Larry Kudlow believes that good economic policy includes a “sound, stable dollar.”

The dollar fell against the yen and pulls further away from a recent two-week high, as lingering worries about global trade tensions weigh on investors’ risk appetite.

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