Friday; Ashutosh Raina of HDFC Bank said, "The hawkish FOMC and some roadmap about the shrinking of Fed balance sheet, coupled with some good data out of US have sent dollar index higher from recent lows."

Raina said, "The shrinking of Fed balance sheet can impact the EM currencies including INR, and we can expect some weakness going ahead."

"Expect the USD/INR currency pair to trade in 64.40-64.70/dollar range today." he further said.

"The bonds saw some profit booking after the recent rally with 10-year settling at 6.48. Expect the 10-year to trade in 6.46-6.51 range today," he added.

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