NS Venkatesh of IDBI Bank said, "The rupee weakened against the dollar breaking a 6-day gaining streak. The rupee depreciation was mainly on account of dollar demand by state-owned banks for meeting import demand."
The Indian rupee has gained 11 paise in the early trade on Wednesday. It has opened at 65.30 per dollar against previous close of 65.41.
NS Venkatesh of IDBI Bank said, "The rupee weakened against the dollar breaking a 6-day gaining streak. The rupee depreciation was mainly on account of dollar demand by state-owned banks for meeting import demand."
"Today, the rupee is expected to trade within a narrow range of 65.35-65.50/dollar," he said.
The yen nursed losses against most of its peers and is likely to stay on the defensive in case the Bank of Japan surprises by injecting fresh stimulus after its policy review later in the day. Dollar also trades soft.
Comments
0 comment