| Date: |
05-03-2015 |
| Subject: |
Indian rupee opens lower at 62.32 a dollar |
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The Indian rupee has opened lower on Thursday, down 7 paise to 62.32 a dollar compared to 62.25 a dollar in previous session.
Mohan Shenoi, Kotak Mahindra Bank says the overnight dollar rally against major currencies and weak global equity markets is likely to exert pressure on rupee today.
He expects the rupee to trade in a range of Rs 62.20-62.50/USD today.
Meanwhile, in case of bond yields, he says despite the surprise 25 bps cut in policy rate by RBI, the bond yields rallied only by 7-8 basis points due to profit booking, comments by rating agencies and weakness in the stock and forex market.
"Bond yields are expected to remain rangebound for some time. 8.40 percent GOI 2024 is expected to trade in a range of 7.67-7.71 percent today," he adds.
Source : moneycontrol.com
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