| Date: |
21-01-2016 |
| Subject: |
Rupee rebounds, opens 7 higher at 67.88 per dollar |
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The Indian rupee rebounded in early trade on Thursday after hitting a 28-month low in previous session.
The currency has opened higher by 7 paise at 67.88 per dollar against 67.95 Wednesday.
Mohan Shenoi, Kotak Mahindra Bank says current risk-off phase, concerns regarding Chinese slowdown, strong dollar, high dollar debts outside US and increased risk of dollar squeeze, widening credit spreads and plummeting oil and share prices could force the Federal Reserve not to implement another rate hike in March.
However, potential intervention from Bank of Japan and caution before European Central Bank meeting later today could temper the negative sentiment, he adds.
Shenoi expects USD-INR to trade today in a range of Rs 67.75-68.20/USD.
The dollar fell to a more than one-year low against the Japanese yen as crude oil prices dropped near 13-year lows and risk appetite waned.
Source : moneycontrol.com
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