Rupee gains 8 paise; opens at 66.35 per dollar

The 10-year yield could soften by 2–4 bps in the opening session while rupee is likely to stay in range of 66.15–66.85/dollar, says Bansi Madhavani of India Ratings.

The Indian rupee gained in the early trade on Wednesday. It has opened higher by 8 paise at 66.35 per dollar versus 66.43 Tuesday. Bansi Madhavani of India Ratings said, “Positive surprise on domestic CPI inflation is expected to lead to softening bond yields as also support rupee.”

“The 10-year yield could soften by 2–4 bps in the opening session while rupee is likely to stay in range of 66.15–66.85/dollar.

Global cues to watch for are crude oil price movement and dollar trajectory,” he added.Read More — Forex tips

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