Mohan Shenoi, Kotak Mahindra Bank said, "Fed hinted that its bond buying program could end in 2014 if the economic recovery sustains. Consequently, the dollar strengthened and the US 10-year yield spiked to 2.37 percent. Therefore, the rupee is likely to remain weak today on the back of weak FII flows and the odds of breaching 59/USD have increased significantly."
The dollar gained following Bernanke's comments. The euro slipped to 1.32 to the dollar. The dollar index inches back above the 81 mark. The dollar yen was above 96.
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