| Date: |
18-11-2016 |
| Subject: |
Rupee opens at 4-month low at 68/dollar; down 18 paise |
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The Indian rupee declined in the early trade on Friday. It has opened lower by 18 paise at 68 per dollar versus 67.82 Thursday.
The rupee hit 68 mark per dollar for the first time since June 27, 2016.
Bhaskar Panda of HDFC Bank said, "The dollar index had touched 13.5-year high before retreating. The USD-INR pair is expected to trade in a range of 67.80- 68/dollar."
"One can expect selling from the central bank in case of high volatility," he added.
The dollar climbed to fresh 13.5 year highs versus a basket of major currencies after Federal Reserve Chair Janet Yellen finished her appearance before the congress's joint economic committee. Also helping the dollar was upbeat US economic data, which stoked expectations of an acceleration in US economic expansion in the fourth quarter.
Source : moneycontrol.com
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