| Date: |
19-08-2015 |
| Subject: |
Rupee hits fresh 2-year low, opens lower at 65.42/$ |
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The Indian rupee has touched a fresh two-year low in early trade Wednesday. It has opened lower by 10 paise at 65.40 per dollar on Wednesday against Monday's closing value of 65.32 a dollar. The currency market was shut on Tuesday.
Ashutosh Raina of HDFC Bank said, "The impact of the Chinese Yuan depreciation is still being felt across global markets. The USD-INR currency pair has been no exception with the pair finally breaching the psychological 65/dollar figure tracking other Asian peers."
"Expect the pair to trade between the 65-65.50/dollar range. RBI is expected to support the currency and limit the volatility," he added.
The dollar rose, getting a lift from data showing US housing starts neared an eight-year peak, which raised expectations that the Fed will raise interest rates as soon as next month.
Source : moneycontrol.com
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