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Indian rupee opens flat at 61.95 per dollar

On rupee, we have a target of 64/USD against the dollar in 12 months. The 10-year yield is at 8.5 percent this time next year, says Robert Prior of Credit Suisse.

February 26, 2014 / 09:11 AM IST

The Indian rupee opened on flat note at 61.95 per dollar versus 61.94 Tuesday.

The yen is broadly firmer in early trade following a generally lackluster session that saw investors give the dollar a wide berth on the back of a decline in US treasury yields.

The dollar index trades near 80 levels, after nudging 0.1 percent lower with some traders pointing to mixed US data as a reason for its fall.

Robert Prior of Credit Suisse said, "We expect Governor Rajan to start hiking the repo rate again in another six months, with a total of 75 bps delivered by the March quarter of 2015. This in turn has led us to cut our 2014-2015 and 2015-2016 GDP growth forecasts by 60 bps to 6 percent and 6.3 percent, respectively.”

“On rupee, we have a target of 64/USD against the dollar in 12 months. The 10-year yield is at 8.5 percent this time next year," he added.

first published: Feb 26, 2014 09:04 am

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