The rupee is expected to trade in the 63.50-64/dollar range today with likely support from the Central Bank at higher levels, says Ashutosh Raina of HDFC Bank. The Indian rupee opened with marginal loss of 8 paise at 63.79 per dollar on Tuesday against previous close of 63.71.

The US dollar recovers ground after several weeks of selling aided by higher yields. The euro, which rose nearly 9 percent in value against the US dollar in the course of a month, pulled back more than 1 percent.

Ashutosh Raina of HDFC Bank said, “The rupee is back in the 63-64/dollar range on the back of recent dollar weakness, some aggressive intervention and better than expected trade deficit numbers.”

“Market may again try to approach 64 level due to underlying bullish dollar trend still being intact. The rupee is expected to trade in the 63.50-64/dollar range today with likely support from the Central Bank at higher levels,” he added.

Source:moneycontrol.com