Indian rupee trades at 62.00 on spot, weaker by 0.31% against the US dollar.
However, higher US bond yields, which are approaching 3% mark and political unrest in Turkey and Thailand is having a negative effect on Indian rupee.
Oil importers were heard to be active today, buying dips in US dollar to Indian rupee.
For the Indian rupee, over the near-term, we expect a range of 61.50/70 and 62.30/50 levels.
By Anindya Banerjee, Kotak Securities