Thursday, 5 January 2017

Rupee opens at 67.90 per dollar; rises 15 paise

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The Indian rupee gained in the early trade on Thursday. It has opened higher by 15 paise at 67.90 per dollar versus 68.05 Wednesday. Dollar strength has paused as market reassess the number of likely Fed rate hikes in 2017. FOMC minutes indicate that future monetary policy stance will be a function of fiscal policy stance of Trump Government.” “Rupee is likely to recover today in line with other currencies. 

USD-INR expected trading range for the day 67.70 to 68. The dollar off a 14-year high against a basket of currencies with investors cautious about increasing bets on the greenback before getting fresh clues on the US economy and timing of interest rate rises. The euro climbed, boosted by data showing euro zone prices rose more quickly than expected in December.

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