Thursday, 6 August 2015

Rupee remains flat at 63.77 per dollar in early trade

Rupee has been trading in a tight range as custodial flows are offsetting the impact of strengthening dollar trend globally, says Mohan Shenoi of Kotak Mahindra Bank.

The Indian rupee opened flat at 63.77 per dollar on Thursday against previous close of 63.75.

Mohan Shenoi of Kotak Mahindra Bank said, "Dollar continues to rally versus commodity currencies and other major currencies on the back of strong US data and expectations of September Fed rate hike."

"Rupee has been trading in a tight range as custodial flows are offsetting the impact of strengthening dollar trend globally. Dollar-rupee is expected to trade today in a range of 63.70 to 64/dollar," he added.

The dollar traded little changed as data shows the US services sector expanded at its fastest pace in 10 years, supporting the view the Federal Reserve would raise interest rates in September.
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