Indian rupee opens marginally lower at 64.90 per dollar

The Indian rupee opened marginally lower at 64.90 per dollar on Wednesday versus previous close 64.88.

Mohan Shenoi of Kotak Mahindra Bank said, “The dollar was weaker due to rising protectionism in US which could potentially lead to trade wars if US trading partners retaliate.”

“The rupee is in a range as support from dollar weakness and lower oil is neutralised by weaker equity markets where sentiment remains adverse. We expect the USD-INR to trade in a range of 64.80-65.10 for the day.”

“Lower crude oil prices and Government’s pitch for a rating upgrade to Fitch has improved sentiment in the bond market. We expect the 10-year benchmark bond yield to trade in a range of 7.66-7.70 percent for the day,” he added.

The US dollar held steady after recouping earlier losses tied to the exit of Gary Cohn and rising fears of a global trade war.