The USD / INR currency pair is back in 61-62 range with appreciating bias, says Ashutosh Raina of HDFC Bank.
The Indian rupee opened lower by 11 paise at 61.82 per dollar on Tuesday against previous day's closing value of 61.71 a dollar.
Ashutosh Raina of HDFC Bank said, "The earlier than expected rate cut by Reserve Bank of India (RBI) last week has spurred the Indian markets; with currency, equity and bond markets rallying. The USD / INR currency pair is back in 61-62 range with appreciating bias."
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The euro struggles around 11-year lows as investors braced for a crucial meeting later in the week which could see the European Central Bank take its boldest steps to revive the euro zone's economy.
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