Indian rupee opens at 60.84 per dollar; down 17 paise

The rupee is expected to trade in a very narrow range of 60.5-60.75/dollar, says NS Venkatesh of IDBI Bank.

The Indian rupee slipped in early trade on Wednesday. It opened lower by 17 paise at 60.84 per dollar versus previous day's closing value of 60.67 a dollar.

Dollar hit nine-month highs against the euro and rose against a basket of major currencies after strong US housing data bolstered expectations for an earlier-than-expected rate hike from the Fed.

Also Read - RBI to cut rates if inflation softens substantially: HSBC

NS Venkatesh of IDBI Bank said, "Today's cues will be based on details of the FOMC minutes and the proceedings of the Jackson Hole meeting. We expect continued custodial flows into the market, which will be balanced by demand from oil importers."

"The rupee is expected to trade in a very narrow range of 60.5-60.75/dollar," he said.

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