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Indian rupee opens lower at 64.81 per dollar

I expect the USD-INR pair to start consolidating in an intraday range of 64.70-64.90 today, says Bhaskar Panda of HDFC Bank.

The Indian rupee opened marginally lower at 64.81 per dollar on Tuesday against previous close 64.79.

Bhaskar Panda of HDFC Bank said, “The dollar index has steadied above 89.50 levels ahead of the new Fed chief’s first congressional testimony. Stocks and currencies across Asia Ex-Japan also did well against the US Dollar.”

“Given this background, I expect the USD-INR pair to start consolidating in an intraday range of 64.70-64.90 today.”

“The 10-year benchmark bond yield has retraced a bit after touching a recent high of 7.75 percent. I expect a range between 7.65-7.70 percent for today.”

The dollar inched higher in choppy trade ahead of a slew of US Economic data this week, including Federal Reserve chairman Jerome Powell’s testimony, which could determine whether the greenback’s recovery from a three-year low can be sustained.

The dollar has recovered nearly 1 percent in February after losses of more than 3 percent in January.

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