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Indian rupee opens lower at 65.23 per dollar

A recovery seen in equities may have revived demand for the rupee, restricting further falls against the dollar, which has been trading firm ahead of FOMC rate decision, says Anand James, Chief Market Strategist at Geojit Financial Services.

The Indian rupee opened marginally lower at 65.23 per dollar on Wednesday versus previous close 65.19.

Anand James, Chief Market Strategist at Geojit Financial Services said, “Widening deficit numbers have rendered the USD-INR upwardly mobile, with a clear break from 65. But a recovery seen in equities may have revived demand for the rupee, restricting further falls against the dollar, which has been trading firm ahead of FOMC rate decision.”

The dollar holds firm ahead of the Federal Reserve meeting outcome. The Central Bank is widely expected to raise interest rates for the first time this year.

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