Indian rupee down 20 paise in opening trade

Oct 27, 2017 09:02 AM IST | Source:

For USD-INR, I expect a range of 64.95-65.20 to hold for today, says Bhaskar Panda of HDFC Bank.

The Indian rupee declined in the early trade on Friday. It has opened lower by 20 paise at 65.02 per dollar versus 64.82 Thursday.

Bhaskar Panda of HDFC Bank said, “The ECB yesterday, extended their bond buying programme by another 9 months. As a result, the euro was hammered and the dollar index surged past 94 levels.”

“This would impact USD-INR today along with other emerging market currencies. I expect a range of 64.95-65.20 to hold for today.”

“The 10-year benchmark bond yield is expected to trade within a range of 6.79-6.81 percent today,” he added.

The dollar stood tall, on track for weekly gains, while the euro slumped to three-month lows after the European Central Bank extended its bond purchases and reduced the chances that it would hike interest rates in 2018.