Indian rupee opens at 62.88 per dollar; slips 22 paise.

Indian rupee slipped in the early trade on Monday following weakness in global equity markets and currencies. The rupee fell by 22 paise to 62.88 per dollar as against Friday's closing value of 62.66.

According to Latha Venkatesh of CNBC-TV18, the chances are that the foreign institutional investors (FIIs) will once again come and buy forward hedges and therefore 62.90/USD cannot be ruled out at all very quickly because that is the epidemic we are seeing.

Agam Gupta of Standard Chartered expects the rupee to trade in a range of 62.40-63/dollar today.

"We could see some more buying of dollars from the FIIs today as they might want to hedge exposures before monetary policy tomorrow. Exporters are seen selling dollars close to 63/dollar levels," he added.

Meanwhile, the dollar slipped to a seven-week low against the yen on Monday as a sell-off in emerging market currencies late last week prompted investors to seek shelter in the safe-haven Japanese currency.

Currencies from Turkey to Argentine were dumped last week, making investors nervous that the shakeout in markets could lead to a full-blown financial crisis.

Source : moneycontrol.com​