Rupee slips 24 paise against dollar

Sep 21 2017 10:19 AM
Rupee slips 24 paise against dollar

Thursday: In early trade, the value of rupee slipped by 26 paise to 64.53 against the dollar at the interbank forex market.

According to Mohan Shenoi of Kotak Mahindra Bank, "The FOMC kept Fed funds rate unchanged but announced balance sheet normalization from October. The probability of a December rate hike has now increased significantly."

"Consequently, the dollar index spiked sharply and US 10-yar treasury yield firmed up. We expect the USD-INR pair to trade in a range of 64.20- 64.50 for the day," Shenoi added.

He further said that, "Higher crude prices and higher US treasury yields are likely to generate negative sentiment in the local bond market. Fiscal slippage worries could re-surface with a possible fiscal stimulus."

"The 10-year benchmark bond yield is expected to trade in a range of 6.58-6.61 percent for the day," he said.

Meanwhile, in early trade forex dealers made the statement, "the greenback rose against other currencies overseas as expectations of the ate hike by the US Federal Reserve grew stronger."

The BSE benchmark Sensex improved by 59.52 pts, or 0.18 percent in the opening trade today.

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