Indian rupee opens higher by 7 paise at 64.89 per dollar

The Indian rupee opened higher by 7 paise at 64.89 per dollar on Wednesday against previous close 64.96.

Pramit Brahmbhatt of Veracity said, “The rupee will be under pressure on the back of FII outflow and negative cues from the domestic equity market.”

He further added, “We expect the spot USD-INR pair to trade in a range of 64.80-65.20 today.”

The dollar slumped in trade after news of Gary Cohn, a key advocate for free trade in the white house announced his resignation, fanning fears of a trade war.

Dhawal Dalal of Edelweiss AMC said, “Bond yields continue to consolidate in the last few trading sessions amid low trading volumes. Market participants are watching if the 10-year benchmark bond yield makes another attempt to break past its previous peak of 7.81 percent anytime soon.”

“We believe that bond yields should hold the current levels in absence of any negative newsflow. February inflation should be lower than January CPI.”

“We expect the 10-year benchmark bond yield to remain in a range of 7.70-7.80 percent in the near term,” he added.