Indian rupee opens higher at 64.29 per dollar

The Indian rupee gained in the early trade on Monday. It has opened higher by 11 paise at 64.29 per dollar versus 64.40 Friday.

Pramit Brahmbhatt of Veracity said, “The rupee will trade sideways for the day but a little recovery is possible towards 64.20.”

“We expect the spot USD-INR to trade in a range of 64.20-64.50 for the day,” he added.

The US dollar gained in Friday’s session putting it on track for its strongest week in nearly 15 months. Traders bought into the greenback in a week where equities were dominated by wild swings.

Ajay Manglunia of Edelwiess said, “While the focus will continue to be on global markets in the aftermath of last week’s volatility, domestic bonds which have been relatively stable are expected to trade in a narrow range. Participants will await the retail inflation data for near-term cues although a further drop in crude prices can lend a positive bias.”

“The 10-year benchmark bond yield is likely to trade in a range of 7.46-7.51 percent today,” he added.