The Indian rupee opened with a gap down of 7 paise at 63.57 per dollar on Tuesday against previous close of 63.50.
Ashutosh Raina of HDFC Bank said, "The positive developments around Greece have resulted in the dollar gaining against most of the major currencies and increasing the prospects of a US Fed rate hike this year."
He further added, "The USD-INR currency pair continues to trade in the 63-64/dollar range with intervention capping the gains. We expect the USD-INR pair to trade in 63.30-63.80/dollar range in near term."
The dollar rallies against the euro after a debt deal between Greece and its international lenders renewed focus on the possibility that the US Fed may hike interest rates in September. The dollar index inches towards the 97 mark.
Source:moneycontrol.com
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