The Indian rupee opened marginally higher at 64.06 per dollar against previous close 64.08. Rupee will float in a narrow range in the absence of any directional cues. Thus the range for the spot USD-INR pair will be 63.80-64.20. The dollar held steady against basket of major currencies, while it is trading flat against the Japanese yen. The benchmark 10-year yield has been consolidating in a range between 7.25-7.30 percent with thin trading volume.
We believe this may be a good sign and may show that market participants are comfortable with the current levels with all negative news priced in. Arrival of the new 10-year bond may offer cues to further direction in the next month.
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