| Date: |
02-06-2015 |
| Subject: |
Indian rupee opens flat at 63.70/USD ahead of RBI policy |
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The Indian rupee opened flat at 63.70 per dollar on Tuesday ahead of Reserve Bank of India (RBI) credit policy meeting.
Ashutosh Raina of HDFC Bank said, "The dollar continues to gain after some good data coming out of US, resulting in bond yields moving higher, and reinforcing the chances of commencement of rate hike cycle in the US later this year."
"Back home, Reserve Bank of India (RBI) is widely expected to cut the policy rates by 0.25 percent in its Credit Policy today. However, the accompanying statements from RBI will be key to the future rate actions," he added.
"The USD-INR pair continues to trade in 63-64/dollar range. We expect the pair to continue trading in the 63.30-63.90/dollar range."
Dollar index was flat after gaining against most currencies on strong US manufacturing data - worries of a Greek default contributes to the Euro's weakness.
Source : moneycontrol.com
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