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Indian rupee opens weak at 65.07 per dollar

Looking at the weakness in the domestic equity market, we expect the rupee to depreciate for the day.

The Indian rupee slipped in the early trade on Monday. It opened lower by 14 paise at 65.07 per dollar on Monday versus 64.93 Friday.Pramit Brahmbhatt of Veracity said, “Looking at the weakness in the domestic equity market, we expect the rupee to depreciate for the day.”

He further added, “The trading range for the USD-INR is seen between 64.80-65.20.”

“Gilts have rallied sharply post the softer inflation reading and easing of US treasury yields but participants will be wary of profit taking as has been the case with recent rallies. The positive bias is expected to continue and gains can increase if buying momentum persists,” said Ajay Manglunia of Edelweiss.

“There might be some volatility in trading and the 10-year benchmark is likely to trade in a wider range of 7.52-7.60 percent today,” he added.

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