Indian rupee opens higher at 64.79 per dollar


Oct 26, 2017 09:02 AM IST | Source: Moneycontrol.com

Buoyant equity market is helping the rupee strength and expects USD-INR to trade in a range of 64.75-65.05 for the day, says Mohan Shenoi of Kotak Mahindra Bank.

The Indian rupee opened higher by 10 paise at 64.79 per dollar on Thursday versus previous close 64.89.

Mohan Shenoi of Kotak Mahindra Bank said, “Taper announcement is expected from ECB in their rate setting meeting today leading to euro strength. Choice of the next Fed Governor – ‘continuity versus hawkishness’ is driving US yields higher and keeping dollar supported.”

“Buoyant equity market is helping the rupee strength. We expect the USD-INR to trade in a range of 64.75-65.05 for the day.”

“Bank recap plan has had some negative impact on bond yields. Appetite for G-Sec will be limited until the details of bond issuance under the recap plan is announced. We expect the 10-year benchmark bond yield to trade in a range of 6.80-6.83 percent for the day,” he added.

The US dollar pared losses after surprisingly strong data in US which showed durable goods orders have risen and new home sales unexpectedly jumped to a near 10-year high in September.