Indian rupee opens flat at 64.58 per dollar

The Indian rupee opened flat at 64.58 per dollar on Friday versus previous close 64.58.

Bhaskar Panda of HDFC Bank said, “The dollar had lost some sheen yesterday after FOMC minutes cautious about inflation. In Indian markets, the rupee gained on the hopes of a favourable S&P decision after Moody’s upgraded India ratings.”

“Expect USD-INR pair to trade within a range of 64.50-64.70 today with a further appreciation bias.”

“Indian 10-year benchmark yield cooled off from high of 7.02 percent. For today, I expect it to remain within a range of 6.98-7 percent, “he added.

The US dollar remained under pressure after the minutes from the US Federal Reserve’s latest policy meeting showed highlighted concern among some of the board members over persistently low inflation.

Meanwhile, the euro held on to overnight gains after strengthening for a third consecutive session.