The USD/INR currency pair is back in the 62-63 range and has defied global dollar strength. The pair can react positively to the IIP and inflation numbers, says Ashutosh Raina of HDFC Bank.
The Indian rupee opened higher by 8 paise at 62.08 per dollar on Tuesday against previous day's closing value of 62.16 a dollar.
The dollar fell against the yen in volatile trading, pressured by weakness in US stocks as the currency's positive outlook was somewhat diminished by surprisingly weak US wage data on Friday.
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Ashutosh Raina of HDFC Bank said, "The dollar index continues to hover near 92 and gained against most of major and EM currencies. The USD/INR currency pair is back in the 62-63 range and has defied global dollar strength. The pair can react positively to the IIP and inflation numbers."
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