Mumbai, India (BBN)-The Indian rupee opened marginally lower at 63.22 per dollar on Wednesday against 63.15 Tuesday.
The dollar dropped to an eight-week low after a weak US consumer confidence report, with investors cautious about a Federal Reserve meeting, reports Money Control.
Himanshu Arora of Religare said, “The USD-INR pair is expected to trade lower today on expectations that Greece will reach a bailout agreement soon.
Improved risk appetite along with surging equities may dampen demand of dollar.
Further, World Bank’s statement that India is less vulnerable now than it was in 2013, may also support the rupee in the short term.
“Outcome of ongoing FOMC meeting is expected to offer more cues to Indian Rupee going forward. The range for today is seen between 62.85-63.35/dollar,” he added.