The Indian rupee opened on positive note in the early trade on Tuesday, 11th July 2017. It has gained 8 paise at 64.45 per dollar versus previous close 64.53.
Bhaskar Panda of HDFC Bank said, “The bounceback in the dollar index seems to have gone into consolidation mode and EM currencies have shown a relatively stronger bias against the dollar. Given this background, the spot USD-INR has recovered from recent high.”
“We expect the pair to trade within a range of 64.45-64.60/USD for today. The 10-year benchmark bond yield is expected to trade within 6.45-6.48 percent today. The market will await new cues before taking any sides,” he added.
The dollar index, which measures the dollar against a basket of currencies remained firm. However, the greenback climbs to two-month high versus yen following lower-than-expected core machinery orders for May.