Friday, 17 March 2017

Indian Rupee opens lower at 65.45 per Dollar

The Indian rupee opened marginally lower at 65.45 per dollar on Friday versus previous close 65.41. The US rate hike, accompanied by dovish commentary, resulted in dollar sell-off, with dollar index settling close to 100. The resultant appreciation in the USD-INR pair has been pretty sharp, breaching major technical supports, and settling close to the 65.50/dollar level."

He further added, "We expect the pair to consolidate around current levels, although the appreciating bias could continue, with RBI expected to limit volatility."

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