Indian rupee slips 16 paise at 64.42 per dollar in early trade

The Indian rupee slipped in the early trade on Friday. It has opened lower by 16 paise at 64.42 per dollar versus 64.26 yesterday.

Bhaskar Panda of HDFC Bank said, “The USD-INR market has been little more volatile than before reflecting global sentiments. I am expecting a higher opening today and a range of 64.20-64.40 for the day.”

He further added, “The 10-year benchmark bond yield has come down from the recent high of 7.60 percent and this is a healthy correction. I expect it to trade in a range of 7.43-7.48 percent for the day.”

The dollar hit two-week highs against a basket of currencies in choppy trading as investors reduced bearish bets on the greenback. A selloff across global stock markets and bets that the Federal Reserve could hike rates at least three times in 2018 have driven the dollar index.moneycontrol