Indian rupee opens at 60.30 per dollar; slips 11 paise.

The Indian rupee slipped in early trade on Friday. It opened lower by 11 paise at 60.30 per dollar versus 60.19 Thursday.

The yen is poised to end the week higher as a fall in global equities lifted demand for the safe-haven currency.

The rupee saw its biggest single-day decline in nearly a month on Thursday as the euphoria over the Budget was washed away by the sharp fall in European shares while key stop-losses were also triggered.

Prime Minister Narendra Modi's new government on Thursday unveiled a maiden Budget that seeks to revive growth and curb borrowing, but left open questions on how it would reduce the fiscal deficit and restore investor confidence.

Pramit Brahmbhatt of Veracity said that, “Expect market to trade sideways today and it will take cues from global markets for further directions.”

“The rupee is expected to trade range-bound to slightly positive for the day as FIIs buying in the market will help rupee to trade firm. Range for the day seen between 59.30-60.30/dollar,” he added.

Source : moneycontrol.com