Mohan Shenoi, Kotak Mahindra Bank said, "Due to volatility in global markets the likelihood of a Fed rate hike in the upcoming September meeting is fast receding. Following the PBoC action, Chinese equity sell-off has taken a breather. The USD has once again gained lost ground. The USD-INR pair is expected to trade today in a range of Rs 65.80-66.20/USD.
He further said, "The bond markets are closely tracking rupee and the stock market. The undertone in the bond market today is expected to be bullish. The 10-year benchmark yield is expected to trade today in a range of 7.76-7.80 percent."
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