Mumbai: Indian rupee has touched a fresh two-year low in early trade on Monday following sharp sell-off in global markets as investors worldwide worried about Chinese economy.
The currency has opened at 66.47 per dollar, the lowest level for the first time since September 2013, down 65 paise compared to 65.83 a dollar seen at Friday’s close.
Agam Gupta, StanChart Bank feels the USD-INR will open higher in-line with other emerging market currencies. He expects the USD-INR to open at Rs 66.25-66.30/USD and trade in a Rs 66.10-66.60/USD range.
“We will keep an eye on supply of USD from local government banks but the move in global markets will remain key for the pair at the moment,” Gupta said.
The dollar tumbled against the euro and the yen as strikingly amid China growth worries and as hopes dim that the Federal Reserve will raise US interest rates next month