Indian Rupee Opens Lower At 63.59 Per Dollar

The Indian rupee opened lower by 6 paise at 63.59 per dollar on Thursday versus previous close 63.53.

Mohan Shenoi of Kotak Mahindra Bank said, "The new year has started with the dollar under pressure as markets reassess the impact of US tax cuts and rising crude oil prices."

"The Rupee is also strengthening against the dollar in-line with the global trend. We expect the USD-INR to trade in a range of 63.25-63.55 for the day."

"Bond market is bearish as most traders and investors do not have any appetite to buy G-Secs. New 10-year is being auctioned tomorrow and the cut-off is likely to be around 7.25 percent. Existing 10-year 6.79 percent expected trading range for the day is 7.32-7.37 percent," he added.

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