Indian rupee opens higher at 63.87 per dollar
The Indian rupee opened marginally higher at 63.87 per dollar on Friday against previous close 63.91.
Bhaskar Panda of HDFC Bank said, “The dollar index suffered another fall soon after US CPI numbers which helped EM currencies gain.”
“The USD-INR pair broke 64 on the downside yesterday and I expect the rupee appreciation trend to continue. See a range of 63.85-64.05 for the day.”
“Higher US yields, lower than expected India CPI and WPI and government borrowing programme are the main contributors for movement in the bond yield.”
“I expect the 10-year benchmark bond yield to remain within the 7.54-7.60 percent range for the day,” he added.
Dollar weakened to trade near 3-year low levels due to rising treasury yields amid firming inflation.