| Date: |
26-02-2014 |
| Subject: |
Indian rupee opens flat at 61.95 per dollar |
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The Indian rupee opened on flat note at 61.95 per dollar versus 61.94 Tuesday.
The yen is broadly firmer in early trade following a generally lackluster session that saw investors give the dollar a wide berth on the back of a decline in US treasury yields.
The dollar index trades near 80 levels, after nudging 0.1 percent lower with some traders pointing to mixed US data as a reason for its fall.
Robert Prior of Credit Suisse said, "We expect Governor Rajan to start hiking the repo rate again in another six months, with a total of 75 bps delivered by the March quarter of 2015. This in turn has led us to cut our 2014-2015 and 2015-2016 GDP growth forecasts by 60 bps to 6 percent and 6.3 percent, respectively.”
“On rupee, we have a target of 64/USD against the dollar in 12 months. The 10-year yield is at 8.5 percent this time next year," he added.
Source : moneycontrol.com
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