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Indian rupee slips 29 paise at 64.35 per dollar

I expect the USD-INR to trade in a range of 64.05-64.25 for the day, says Bhaskar Panda of HDFC Bank.

The Indian rupee plunged 29 paise in the early trade. It opened at 64.35 per dollar as against previous close 64.06 yesterday.
 
Rupee is trading at lowest level since December 18.
 
Bhaskar Panda of HDFC Bank said, “The dollar index has a relatively better day riding on higher than expected US non-farm payroll numbers.”
 
“The USD-INR was under pressure for a combination of factors which includes dollar strength, Union Budget, higher crude prices etc. I expect the USD-INR to trade in a range of 64.05-64.25 for the day.”
 
“Globally, bond yields have moved up. The 10-year benchmark bond yield has been hardening on the premise of sticky higher retail inflation. I expect this trend to continue towards 7.75 percent from current 7.605 percent gradually,” he added.
 
The dollar gained against a basket of currencies as the US bond yields rallied on safe-haven demand stemming from a dramatic selloff on Wall Street.
 
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