Indian Rupee Opens Higher At 64.56/ Dollar

The previous close of Indian rupee was 64.59 and on Friday it is opened higher at 64.56/ dollar. The USD-INR continues to consolidate in a very narrow band, with the dollar index rising from recent lows and the dollar gaining against most other currencies and they expect the pair to continue trading in the 64.40-64.70 per Dollar range today (Friday), is said by Ashutosh Raina of HDFC Bank.

He further added that, notwithstanding the dovish MPC minutes, the bonds saw a bout of profit booking with the 10-year benchmark bond yield closing at 6.45% and they expect the yield on the 6.43-6.48%range today.In the global markets the Yen garnered some safe-haven demand on softness.

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Dollar Index Almost Unchanged In Subdued Trade

The dollar was little changed early on Friday as traders marked time ahead of next week's U.S. inflation-linked indicators. The dollar index against a basket of major currencies stood little changed at 97.547. The index peaked at a one-month high of 97.871 early in the week after the Federal Reserve hiked interest rates last week and left the door open for further monetary tightening later in the year. 

But it has been stuck in a tight range since, awaiting fresh catalysts.The dollar was flat at 111.290 yen. It had scaled a near one-month peak of 111.790 on Tuesday before edging down in tandem with U.S. yields, which were nudged lower by falling oil prices.

The euro was also steady, at 1.1150. It was poised to lose about 0.4 percent this week.The rupee closed at 64.60 a dollar, down 0.11% from its Wednesday’s close of 64.52. The rupee opened at 64.62 a dollar and touched a high and a low of 64.45 and 64.59 respectively. We expect the pair to trade in the range of 64.50-64.80.

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JPYINR - Ways2Capital

JPYINR trading range for the day is 57.9-58.31. JPY gained as the dollar eased as a recent rally tied to bets on another U.S. interest rate hike this year lost steam.

BoJ Iwata's comments reminds those who need reminding that BoJ nowhere near any sort of "exit" from QE, QQE. BoJ's Iwata: 2% goal needed to secure room for reduction in real rates.

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GBPINR - Ways2Capital

GBPINR trading range for the day is 81.67-82. GBP steadied after BOE’s Haldane signalled he would weigh in behind a rise in interest rates in the second half of this year.

Investors worried about PM May struggling to find the support she needs for her government, which lost its parliamentary majority in elections. The Bank of England reported that consumers were under growing pressure from rising inflation, but business investment plans had strengthened.

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EURINR - Ways2Capital

EURINR trading range for the day is 71.98-72.29. Euro gains as the dollar edged lower as investors continued to weigh the chances of a third U.S. rate hike this year. 

German Finance Ministry: May tax revenues rises 1.4%, economy in upswing. Exports to rise despite uncertainties. German Finance Ministry: EU must prevent 'regulatory dumping' after Brexit. U.K. shouldn't hope for preferential Brexit treatment.

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USDINR trading Range For The Day Is 64.43-64.72

USDINR trading range for the day is 64.43-64.72. Rupee ended flat on selling by oil importers and nationalised banks including State Bank of India, Bank of India and Bank of Baroda.

RBI’s policy committee wants more evidence that inflation has sustainably fallen below its target before deciding whether to lower interest rates. The RBI issued a slightly less hawkish statement after consumer inflation eased to 2.99 percent in April.

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Indian Rupee Opens Higher At 64.56 Per Dollar



The Indian rupee opened marginally higher at 64.56 per dollar against previous close 64.59. Ashutosh Raina of HDFC Bank said, "The USD-INR pair continues to consolidate in a very narrow band, with the dollar index rising from recent lows and the dollar gaining against most other currencies."

He further added, "We expect the pair to continue trading in the 64.40-64.70/dollar range today.Notwithstanding the dovish MPC minutes, the bonds saw a bout of profit booking with the 10-year benchmark bond yield closing at 6.45 percent. We expect the yield to trade in the 6.43-6.48 percent range today," he said.

The dollar was flat against a basket of currencies as low US bond yields offset in-line data on domestic jobless claims and home prices, that kept it close to the one-month peak it reached earlier this week.The yen garnered some safe-haven demand on softness in global markets.

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