| Date: |
19-06-2014 |
| Subject: |
Indian rupee opens at 59.99 per dollar; gains 40 paise |
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The Indian rupee gained in the early trade. It has opened at 59.99 per dollar versus 60.39 Wednesday.
The FOMC's continued dovish stance weighed on the dollar index which slipped about 0.3 percent yesterday.
Mohan Shenoy of Kotak Mahindra Bank said that, “FOMC tapered its bond buying programme by another USD 10 billion in-line with market expectations. Rise in Brent crude oil prices beyond USD 114/barrel triggered by crisis in Iraq is negative for both rupee & bond market.”
“RBI intervention is however moderating the weakness in rupee. Depreciating rupee is perceived as bond bearish,” he added.
“Dollar-rupee is expected to trade today in a range of 60.25-60.50/dollar, while 8.83% GOI 2023 is expected in a range of 8.66-8.72 percent today.”
Source : moneycontrol.com
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