| Date: |
11-12-2014 |
| Subject: |
Indian rupee opens at 62.16 per dollar; down 14 paise |
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The Indian rupee slipped by 14 paise in the morning trade on Thursday. It has opened at 62.16 per dollar versus 62.02 Wednesday.
The dollar remained on the backfoot, having fallen for a third session against the yen as the market unwound stretched positions to lock in profits with just one full week of activity left this year.
Mohan Shenoi of Kotak Mahindra Bank, "Global growth scare, particularly a slowing Chinese economy has led to risk-off sentiment in global markets. This could negatively impact Indian equity markets and consequently the rupee. However, falling crude oil and commodity prices can temper the depreciation of rupee. USD-INR is expected to trade in a range of 61.90-62.25/dollar today."
According to Karvy currency report, Asian currencies are trading on a negative note with respect to the dollar. US dollar had a choppy session closing marginally lower as compared to the previous day's close. Japanese Yen is trading higher at 118.07 after making a low of 117.82 in yesterday's session. Euro is trading at 1.2459 continuing to trade higher, and Pound at 1.5717 with respect to the US dollar.
One month Rupee NDF is trading at 62.57 with a change of 20 paisa from yesterday's close indicating a negative opening for the Indian rupee. The USDINR pair to open on a negative note and trading to be biased towards depreciation.
Source : moneycontrol.com
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