| Date: |
26-08-2015 |
| Subject: |
Rupee retreats; opens lower by 12 paise at 66.22 per dollar |
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The Indian rupee has opened lower by 12 paise at 66.22 per dollar on Wednesday against previous close of 66.10.
Ashutosh Raina of HDFC Bank said the People's Bank of China (PBoC) reduced the benchmark interest rates by 25 bps and RRR by 50 bps to stem the turbulence in the Chinese and global markets.
Some smooth action by the RBI to support the currency and limit the volatility helped the USD-INR pair to close near 66/dollar figure, he added.
He expects the USD-INR pair to trade in the 65.50-66.50/dollar range in the short term.
Dollar gained against a basket of major currencies, recovered from seven-month lows against the safe-haven yen and euro.
Source : moneycontrol.com
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