The USD-INR is expected to trade between 67.80-67.90/dollar, says NS Venkatesh of IDBI Bank.
The Indian rupee extended upmove on Wednesday by opening at 67.74 a dollar, up 12 paise compared to 67.86 in previous session. This consistent recovery is led by rally in equity markets on hopes of rate cut post pricing in Union Budget. NS Venkatesh of IDBI Bank said, “The USD-INR strengthened yesterday and will take cues from the way the equity market as well as the crude prices behave. The pair is expected to trade between 67.80-67.90/dollar.”
The dollar rebounded against the yen and hit one-month highs against the euro after strong US manufacturing data supports views of higher US interest rates.