Mumbai, India (BBN)-The Indian rupee opened at seven week high as it surged 26 paise in the early trade on Monday at 65.25 per dollar against Thursday’s close of 65.51.
Agam Gupta of StanChart Bank said, “The dollar will open lower than the close of 65.51 due to the extremely weak US jobs data. We expect a range of 65.10-65.50/dollar for the day”, reports
“We think local government banks will be buyers of USD at the lower end of the range. Any upticks will be used by exporters as usual,” he added.
The dollar slipped against a basket of currencies after weak US jobs data led traders to pare bets that the Fed was poised to hike interest rates as early as this month.