Indian rupee opens weak at 64.46 per dollar

The Indian rupee opened lower by 5 paise at 64.46 per dollar on Wednesday versus previous close 64.41.

According to Pramit Brahmbhatt of Veracity, the rupee will float in a range in absence of any directional cue. We expect the spot USD-INR pair to trade in a range of 64.20-64.80.”

The dollar index held onto overnight gains after the senate budget committee approved the republican tax bill, boost also coming in from strong US economic data as US consumer confidence unexpectedly improved in November to a 17-year high.

Dhawal Dalal of Edelweiss AMC said, “Bond market sentiment appears to have stabilised judging by the price action of last two days amid lack of market moving news.”

“Market participants await GDP data to get more cues on the state of economy amid relatively calm global markets.”

“We expect the 10-year benchmark bond yield to remain below 7.10 percent,” he added.