The Indian rupee gained further in the early trade on Thursday and opened at over one year high at 65.40 per dollar, a gain of 29 paise versus previous close 65.69. Yesterday the rupee ended at a fresh 16-month high. US Fed delivered another dovish hike on Wednesday. The dollar saw a sell-off as markets reassess, the dollar beer of hikes this year.
"The state election results has led to a rally in equity markets in India on the back of FII inflows which is positive for rupee. We expect the USD-INR to trade in a range of 65.15-65.45/dollar for the day," he added.
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The Indian rupee gained further in the early trade on Thursday and opened at over one year high at 65.40 per dollar, a gain of 29 paise versus previous close 65.69. Yesterday the rupee ended at a fresh 16-month high. US Fed delivered another dovish hike on Wednesday. The dollar saw a sell-off as markets reassess, the dollar beer of hikes this year.
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