The dollar rally is impacting rupee to some extent. The rupee is expected to trade today in a range of 61.60-62/dollar, says Mohan Shenoi of Kotak Mahindra Bank.
The Indian rupee declined in the early trade on Wednesday. It has opened lower by 18 paise at 61.93 per dollar against 61.75 Tuesday.
The euro languished near a fresh two-year trough having come under fire as a further slowdown in euro zone inflation intensified pressure for more stimulus from the European Central Bank. Dollar index trades near the 4-year high.
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Mohan Shenoi of Kotak Mahindra Bank said, "With the USD appreciating in response to expectation of rise in dollar interest rates, dollar-funded carry trades are shifting to euro as an attractive funding currency."
"This dollar rally is impacting rupee to some extent. The rupee is expected to trade today in a range of 61.60-62/dollar," he added.
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