Indian Rupee Breaches 64 Mark; Trades At Highest Level Since Aug 2015

Indian rupee increased the initial gains as it breached the 64 mark, trading at the highest level since August 10, 2015. It is currently trading at 63.99 per dollar.

The Indian rupee gained in the early trade on Wednesday. It has opened higher by 7 paise at 64.19 per dollar versus 64.26 Tuesday.

Pramit Brahmbhatt of Veracity said, "The rupee can breach the stiff resistance of 64.20/dollar and may head higher. We expect the spot USD-INR pair to trade in a range of 64-64.40/dollar today.

"The US dollar surged against the Canadian loonie after the United States imposed duties on Canadian softwood, while the dollar hit a two-week high against the yen on greater risk appetite.

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