Indian rupee opens flat at 60.85 per dollar

Expect the rupee to trade in a range of 60.70-61/dollar for the day, says Agam Gupta of Standard Chartered.

The Indian rupee opened flat on Monday at 60.85 per dollar versus 60.81 Friday.

The dollar rose against a basket of major currencies on Friday as investors bet that US interest rates would rise more quickly than expected.

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Agam Gupta of Standard Chartered said, "Expect the rupee to trade in a range of 60.70-61/dollar for the day."

"Expect local banks to buy the USD below 60.80, hence putting a floor at 60.70. Exporters and capital inflows are expected to sell USD on any uptick towards 61," he added.

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