| Date: |
21-03-2014 |
| Subject: |
Indian rupee opens at 61.20 per dollar, gains 14 paise |
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The Indian rupee appreciated by 14 paise to 61.20 per dollar in early trade Friday as against previous day's closing value of 61.34 a dollar.
The US dollar hovered near a three-week peak against a basket of major currencies in early trade, but could struggle to extend gains as investors awaited more clarity on the Federal Reserve's policy path.
The euro wallowed at USD 1.3777, having plumbed a two-week low of USD 1.3749. It was on track to post a 1 percent drop this week.
Pramit Brahmbhatt of Alpari India said the dollar continued to trade strong on Fed tapering and statement on rise in interest rate. He expects Indian equity market to open weak. According to him, that will depreciate rupee and will force it to trade over 61.50/USD levels.
"Trading range for the same is expected to be in the range of 60.80-61.80/USD," he added.
Source : moneycontrol.com
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