Indian rupee opens flat at 64.88 per dollar

The Indian rupee opened flat at 64.88 per dollar on Wednesday versus previous close 64.89.

Anand James, Chief Market Strategist at Geojit Financial Services said, “Indian rupee got a macro boost with rising IIP and softer CPI eased rate hike fears.”

“Rupees gains also followed those in 10 year bonds, while equities rise also attracted demand for the rupee.”

“US dollar index in the meanwhile was seen trading firm ahead of US inflation figures for February,” he added.

The dollar struggles in trade after the sacking of Rex Tillerson and as potential import duties on China undermined investor sentiment towards the currency.