The rupee has been a relative outperformer moving in 62.50-63.00/dollar range. We expect the rupee to continue trading in this range with a weakish bias, says Ashutosh Raina of HDFC Bank.
The Indian rupee opened marginally higher at 62.77 per dollar on Tuesday versus 62.81 Monday.
The dollar fell across the board, as investors worry that the greenback's rapid rise could prompt the Federal Reserve to be a little more cautious about raising interest rates this year.
The dollar is up 24 percent against a basket of currencies since May and it could become a key issue at this week's Fed monetary policy meeting.
Ashutosh Raina of HDFC Bank said, "The dollar continues to remain the theme with the dollar index hovering around the 100 mark. The rupee has been a relative outperformer moving in 62.50-63.00/dollar range. We expect the rupee to continue trading in this range with a weakish bias."
Source:moneycontrol.com
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