Indian rupee opens flat at 65.13 per dollar

The Indian rupee opened flat at 65.13 per dollar on Thursday versus previous close 65.14.

Mohan Shenoi of Kotak Mahindra Bank said, “The US FOMC minutes look to confirm a December rate hike while terming below target inflation as transitory. The dollar remains rangebound against majors.”

“We expect the USD-INR pair to be rangebound within a trading range of 65-65.30 today.”

“Bond market is subdued ahead of release of CPI inflation data today evening. Continued supply of OMO sale today and scheduled auction tomorrow should deter building of positions in the G-Sec market.”

“We expect the 10-year benchmark bond yield to trade in a range of 6.72-6.76 percent for the day,” he said.

The dollar is on the back foot against a basket of currencies recovering a bit after sinking to a 14-day low as investors took note of Fed members’ concern over the inflation outlook stateside.