Indian rupee opens marginally stronger at 64.75/USD

rupee-1The Indian rupee on Thursday opened at 64.75 against the dollar, marginally stronger than its previous close.

Mohan Shenoi of Kotak Mahindra Bank says June US FOMC minutes terms softness in inflation as transitory. Market expects balance sheet reduction by Fed in September and rate increase in December. Currency market reaction to Fed minutes was muted. The rupee continues to be range-bound. He expects the USD-INR pair to trade in a range of 64.60-64.90 per dollar for the day.

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