The Indian rupee slipped in the opening trade on Wednesday. It has opened lower by 11 paise at 60.23 per dollar against 60.12 Tuesday. The dollar clung to modest gains post comments by the head of the Federal Reserve that rates could rise sooner if employment continued to improve, while strong inflation sent Sterling to a six-year high. Himanshu Arora of Religare said that, "Rupee is expected to trade slightly weaker today reacting to comments of the Fed Chief Yellen, who said increase in Federal Funds rate will likely occur sooner and be more rapid if labour market continues to improve." "Dollar buying by state run banks for oil related demand may also underpin dollar moves in today's session. Range for the rupee is seen between 59.97-60.35/dollar," he added.
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