Indian rupee opens higher by 16 paise at 64.15 per dollar

The Indian rupee opened higher by 16 paise at 64.15 per dollar on Wednesday versus 64.31 Monday.

Pramit Brahmbhatt of Veracity said, “We expect the rupee to trade sideways with a positive bias in absence of any directional cues.”

“The trading range for the spot USD-INR pair is seen between 64-64.50,” he added.

The US dollar continued to show weakness as the yen hits a 5-month high. Broad-based selling in the greenback and speculation that the Bank Of Japan will dial back the monetary stimulus pushed the yen higher.

Dhawal Dalal of Edelweiss AMC said, “We expect government bond market to consolidate at current levels. With major events out of the way and global bond markets appearing to stabilise, we expect bond market participants to focus on the fundamentals in the near term and wait for signs of inflationary pressures.”

“We expect major bond market drivers such as US 10-year and crude oil to remain rangebound in the near term. Based on that, we expect the 10-year benchmark bond yield to trade in the range of 7.45-7.55 percent in the near term,” he added.