The rupee is likely to be in the range of 73.50-74.50 against the US dollar for the time being, said MS Gopikrishnan, head of macro trading and financial markets at Standard Chartered Bank (SCB), adding that the currency will continue to see pressure for short-term.

"There needs to be a lot more negative news flowing in for rupee to trend higher and probably beat 75 per dollar range," he said.

"Rate hike not coming on the Friday policy was definitely a comforting factor. Bond yields will fall and are expected to be in the range of 7.90-8.10 simply because the bad news is behind us now," he added.

First Published:Oct 8, 2018 9:01 AM IST