Mumbai: The Indian rupee slipped by nine paise in the early trade on Wednesday. It had opened at 61.83 per dollar against 61.74 on Tuesday. The yen hovers at multi-year lows against the dollar and euro as the market cautiously waited to see what the Bank Of Japan would say about the country's slide into recession.
NS Venkatesh of IDBI Bank said, "Expect continued inflows from the FIIs both in the equity markets as well as in the corporate bond markets.
The rupee will have an appreciating bias during trade and is expected to trade between Rs 61.50-61.70/dollar." The Indian rupee ended at a one-month low of 61.74 against the US dollar on Tuesday.
In line with lacklustre trade in local equities, the rupee closed one paisa down against the greenback on alternate bouts of buying and selling, despite a sharp fall in dollar overseas. In four straight days, the rupee has depreciated by 23 paise or 0.37 percent.
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