The weak US data overnight has led to dollar weakness overseas. The USD-INR pair should range between 63.30-63.60/dollar today, says Agam Gupta of Standard Chartered.

The Indian rupee opened with marginal gains of 6 paise at 63.45 per dollar on Monday versus 63.51 Friday. The dollar falls to a three-month low against the euro, as disappointing data on US domestic factory activity and consumer sentiment spurred doubts about the recovery in the US. The dollar index slips to the 93 levels.

Agam Gupta of Standard Chartered said, “The weak US data overnight has led to dollar weakness overseas. The USD-INR pair should range between 63.30-63.60/dollar today.”

“We expect to see demand from the local government banks below 63.40 levels and we see small exporter interest close to 63.60 levels,” he added.

Source:moneycontrol.com