Indian rupee gains 16 paise in opening trade

Bhaskar Panda expects the USD-INR to trade within a range of 65.35-65.60 today.

The Indian rupee gained in the early trade on Friday. It has opened higher by 16 paise at 65.34 per dollar versus 65.50 Thursday.

Bhaskar Panda of HDFC Bank said, "The rupee touched multi-month lows before closing at 65.51. I expect the pair to trade within a range of 65.35-65.60 today."

He further added, "The Indian government borrowing calendar for H2FY18 did not throw any surprise. The 10-year benchmark bond yield will consolidate within the 6.62-6.65 percent range today."

The dollar slipped against a basket of currencies, snapping a three-day winning streak, as investors looked to take profits on the greenback's rally this week ahead of the end of the quarter.

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