Indian rupee opens lower at 64.53 per dollar

I expect the rupee strength to continue as I expect the USD-INR pair to trade within a range of 64.45-64.65 today, says Bhaskar Panda of HDFC Bank.

The Indian rupee opened marginally lower at 64.53 per dollar on Tuesday versus 64.50 Monday.

Bhaskar Panda of HDFC Bank said, "The dollar has been languishing for some time now and yesterday was no different. The index is hovering below 93 levels.”

“I expect the rupee strength to continue as I expect the USD-INR pair to trade within a range of 64.45-64.65 today."

He further added, "The 10-year benchmark bond yield has remained elevated above the 7.05 percent mark. Today may not be any different as the yield continues to consolidate within the 7.04-7.07 percent range."

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Worries about potential delays in the implementation of US tax cuts weigh on the US dollar.The US currency eased versus the yen as the near term focus remains on senate vote this Thursday and confirmation hearing on Federal Reserve chair nominee Jerome Powell due later today.