Friday, 3 March 2017

Rupee opens at 66.87 per Dollar; slips 17 paise

The Indian rupee slipped in the early trade on Friday. It has opened lower by 17 paise at 66.87 per dollar versus previous close of 66.70. The increasing probability of Federal Reserve rate hike in March has resulted in dollar index soaring above the 102 level. However, the USD-INR pair continues to defy the overall dollar strength, but the gains have been capped by strong intervention. 

Expected the pair to trade in a 66.70-67 dollar range today. The dollar gained to seven-week highs against a basket of currencies, after hawkish comments by a Federal Reserve official encouraged investors to expect a near-term interest rate hike.

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