MUMBAI: The Indian rupee has opened at Rs 63.93 a dollar on Thursday, up 8 paise over previous day’s close. In the previous session, the currency closed at 64.01 a dollar, the lowest closing level since May 12.
Mohan Shenoi, Kotak Mahindra Bank said, “Strong US data recently has strengthened Dollar against global majors. Rupee has also weakened marginally against Dollar with RBI interventions tempering volatility in the currency. We expect the USD-INR pair to trade in a range of `63.70-64.10/USD today.
“Expectations of a rate cut on June 2 by the RBI has turned the undertone in the bond market positive. However, the bullishness is limited to the new 10-year with all other securities underperforming. We expect the new 10-year benchmark yield to trade in a range of 7.65-7.68% today,” he further added. Meanwhile, the dollar retreated slightly overnight versus peers, crude prices moved up a bit, while remained steady.
