Expect rupee to strengthen against dollar: Mohan Shenoi

Mohan Shenoi of Kotak Mahindra Bank said, “Higher than expected US CPI has increased the probability of Fed rate hikes to 4 times this year including March. This coupled with sudden spurt in oil prices weakened the dollar and exerted upward pressure on US Treasury yields.”

“In-line with the global trend, the rupee is expected to strengthen against dollar today with a trading range of between 63.85-64.15.”

“The bond market in India is expected to be bearish today on the back of higher crude oil prices and US Treasury yields.”

“We expect the 10-year benchmark bond yield to trade in a range of 7.52-7.56 percent for the day,” he added.