Rupee opens lower at 66.92 per dollar

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The Indian rupee opened lower by 9 paise at 66.92 per dollar on Thursday versus previous close 66.83. Mohan Shenoi of Kotak Mahindra Bank said, "With upcoming US elections, Fed rate hike on November 2 looks unlikely. However, dollar continues to strengthen on the back of expectations of Fed rate hike in December." 

 

"The Rupee has been resilient in a range on the back of exporter selling. We expect the USD-INR to trade in a range of 66.75-67% for the day," he added. The US dollar fell against a basket of major currencies after touching a nearly nine-month high on Tuesday as the greenback looked vulnerable to weakness on uncertainty surrounding Federal Reserve monetary policy and the US election. 

 

Meanwhile, the euro rose from a seven-month low on signs that the European economy may be improving enough to reduce pressure on the ECB to further ease monetary policy.