Indian rupee opens at 63.94 per dollar; gains 17 paise

The Reserve Bank of India (RBI) would like to gradually allow the rupee to depreciate, so any move towards 64.25/dollar will not be resisted. We expect the RBI to support the dollar, says Ashutosh Khajuria of Federal Bank.

The Indian rupee gained in the early trade on Thursday. It has opened higher by 17 paise at 63.94 per dollar versus 64.11 Wednesday.   Ashutosh Khajuria of Federal Bank said, "We expect the rupee to hover between 64.25-64.50/dollar levels. The FOMC meet is largely neutral for the rupee."

He further added, "The Reserve Bank of India (RBI) would like to gradually allow the rupee to depreciate, so any move towards 64.25/dollar will not be resisted. We expect the RBI to support the dollar."   Euro gained after the US Federal Reserve left its benchmark interest rates unchanged. The dollar index extended its losses to trade around the 94 mark.


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