The Indian rupee gained in the morning trade on Tuesday. It has opened higher by 18 paise at 67.77 per dollar against 67.95 Mon.
Ashutosh Raina of HDFC Bank said, “The markets continue to be in a risk-off mode after the recent Brexit referendum. The USD index has moved to recent highs with most of major and EM currencies touching their recent lows.”
He further added, “The USD-INR pair after briefly going above 68/dollar levels has settled below it on the back of some aggressive support from RBI. We expect the USD-INR pair to trade in the 67.50-68/dollar range in the near term.”
The pound arrested its drop versus the USD amid signs the market may be taking a breather following the UK’s shock vote to leave the European union. All eyes on the 2-day EU leaders summit commencing later today.
The US dollar index above 96 levels.