Indian rupee slips 21 paise in opening trade


The Indian rupee slipped in the early trade on Monday. It has opened lower by 21 paise at 65.37 per dollar versus 65.16 Friday.

Pramit Brahmbhatt of Veracity said, “We have a neutral stance on the USD-INR, however the bias would remain positive for the rupee.”

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

The dollar received a lift against its major peers as US yields spiked and as the pound stumbled, although the main investor focus was still on a planned US tax overhaul.

The pound slipped as troubles mounted for British Prime Minister May, with a report that 40 conservative MPS are readying a leadership challenge, while Brexit talks face a crucial deadline.

Ajay Manglunia of Edelweiss said, “The announcement of the tenth OMO sale since July this year will keep up the pressure on the bond markets and yields are likely to harden even further at opening today.”

“The CPI inflation data to be released post market hours today will be the primary trigger for markets this week and the 10-year benchmark yield is likely to trade in a range of 6.94-6.99 percent today,” he added.