In-line with global trends, dollar is expected to strengthen against rupee today. We expect rupee to trade in a range of 60.50-60.90/dollar, says Mohan Shenoi of Kotak Mahindra Bank.
The Indian rupee opened marginally lower at 60.69 per dollar on Thursday as against previous day's closing value of 60.61 a dollar.
The dollar was trading at 11-month highs against a basket of major currencies after minutes of the Federal Reserve's July meeting sounded slightly hawkish.
Mohan Shenoi of Kotak Mahindra Bank said, "Large FII flows into government securities has resulted in rally across both bond and rupee markets. However, the tone of the FOMC policy minutes was more hawkish than market expectations leading to dollar strengthening against major currencies."
"In-line with global trends, dollar is expected to strengthen against rupee today. We expect rupee to trade in a range of 60.50-60.90/dollar," he added.
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