Friday, 16 December 2016

Rupee recovers, opens at 67.82 against US dollar

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The Indian rupee has opened higher at 67.82 to the dollar on Friday compared with 67.83 in previous session. Yesterday, it ended at lowest closing level against dollar since December 6, especially after the US Federal Reserve on Wednesday hiked interest rate by 25 basis points to 0.5 percent from 0.75 percent and announced hawkish outlook of three rate hikes in 2017 against two hikes expected in Fed's September policy. 

US Federal Reserve delivered as per market expectations. Hawkish undertone has pushed Dollar index to 14-year high. This will impact USD-INR pair as well, he feels. He expects a range of 67.90-68.30 against the US dollar.

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