The dollar-rupee pair has also been moving in a tight 60-60.50/dollar range. Expect the pair to continue trading in this narrow range as we approach the election results, says Ashutosh Raina of HDFC Bank.
The Indian rupee gained in the early trade on Tuesday. The rupee opened higher by 17 paise at 60.05 per dollar against 60.22 Monday.
The dollar was subdued in Asia, holding largely around where it began this week after an aimless session overnight with holidays in Japan and Britain crimping activity in markets.
Also Read - Rupee won't see 59-60 levels in medium-term: StanChart Bank
Ashutosh Raina of HDFC Bank said that, "Risk off sentiment resulted in US yields coming off sharply and all asset classes taking a pause. The Indian markets have been no exception, with all markets in a consolidation phase."
"The dollar-rupee pair has also been moving in a tight 60-60.50/dollar range. Expect the pair to continue trading in this narrow range as we approach the election results," he added.
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