MUMBAI: The Indian rupee slipped marginally to 63.63 a dollar in early trade Thursday compared to 63.61 a dollar in previous session.
Mohan Shenoi, Kotak Mahindra Bank said strong US data continues to point towards a September Fed rate hike. Uncertainty regarding Greece is inducing volatility in global currency markets, he added. According to him, RBI presence on both sides of the market has kept the dollar-rupee rangebound and is expected to trade today in a range of Rs 63.50-63.80/dollar. Euro slipped to 1.10 levels on a stronger dollar on the back of strong US data. Dollar index is above the 96-mark on the upside. Meanwhile, Indian macros are positive and point towards an easy monetary policy stance, he believes. However, constant shuffling between risk-on and risk-off in global markets is making Indian bond yields volatile, Shenoi said.
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