The Indian rupee opened higher by 6 paise at 66.85 per dollar on Friday against previous close 66.91.
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The Bank Of England (BoE) finally cut rates coupled with a QE package, in-line with market expectations. The markets will be keenly awaiting the crucial non-farm payroll numbers today, after a weak recent GDP number.
The USD-INR pair has been trading in 66.50-67/dollar range, with strong FII flows coupled with intervention at lower levels capping the gains. We expect the pair to continue trading this range in the near term
The dollar, meanwhile, gained against a basket of currencies as investors continue to balance positions ahead of today’s crucial US nonfarm payrolls report for July.