April 17, 2014 / 4:22 AM / 4 years ago

Rupee opens stronger after Fed comments

Reuters Market Eye - The rupee, which closed at 60.37/38 on Wednesday, opens stronger at 60.27/28 sparked by dollar selling after U.S. Fed chair’s dovish comments.

A cashier counts Indian rupee currency notes inside a bank in Mumbai December 6, 2013. REUTERS/Danish Siddiqui

On Wednesday Janet Yellen, in her second public speech as Federal Reserve Chair, stressed the need for accommodative policy citing persistently low inflation and economic slack.

The rupee is likely to trade in the 60.20-60.50 band for the day, traders say.

The yen wallowed at one-week lows against the dollar early on Thursday, having eased broadly overnight as a rally in global stocks dented demand for the safe-haven currency.

The rupee dropped for a third straight session on Wednesday, its worst falling streak since late-January, as profit-taking in the domestic stock market by offshore investors hurt the local unit.

Overseas investors sold Indian shares worth of 446.9 million rupees ($7.4 million) on Wednesday, provisional exchange data shows, marking their third consecutive session of outflows.

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