Ashutosh Raina of HDFC Bank said, "The economic data coming out of US lately has been generally better than expectations, strengthening the case for a June Fed rate hike. The dollar index is quietly clawing back to 100, and US bond yields are also quietly moving higher."
"The USD-INR pair has been trading in the 64.20-64.70/dollar range on the back of resumption of some portfolio flows. We expect the pair to continue trading in this range, with a weakening bias."
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