| Date: |
25-03-2014 |
| Subject: |
Indian rupee opens at 60.59 per dollar; rises 18 paise |
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The Indian rupee gained in the early trade on Tuesday. It has opened higher by 18 paise at 60.59 per dollar against 60.77 Monday.
The US dollar nursed broad losses as investors bought the euro and drove the Australian dollar to its highest this year.
Some analysts pointed to a disappointing industry survey, which showed US manufacturing activity slowed in March, as one reason for the dollar's weakness.
Ashutosh Raina of HDFC Bank said that, “The euphoria about expected political stability, coupled with lower CAD and better inflation figures have resulted in equity and currency markets outperforming Asian peers.”
“FII flows in both debt and equity have been hugely positive. The positive sentiment can easily result in rupee breaching 60/dollar sooner than later. Expect rupee to trade in 60-61/dollar range in near-term,” he added.
Source : moneycontrol.com
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