| Date: |
03-09-2014 |
| Subject: |
Indian rupee opens flat at 60.63 per dollar |
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The Indian rupee gained marginally in the early trade on Wednesday. It has opened at 60.63 per dollar versus previous day's closing value of 60.68 a dollar.
The dollar hovered at 14-month highs against a basket of major currencies early on Wednesday, underpinned by upbeat US data and further supported by a sell-off in the yen and sterling.
Pramit Brahmbhatt of Veracity said, "Investors are likely to trade cautiously as the market is already at high levels. The positive sentiment may help the market to move higher.”
He further added, “Rupee is expected to be rangebound to slightly weak taking cues from the strong dollar. We see a range of 60.30-60.80/dollar."
According to way2wealth report, once again USDINR closed higher due to broad gains in dollar index against other currencies. Also, the other Asian currencies too traded with negative bias against the greenback. This was mainly ahead of major events like ECB meeting and US monthly jobs data."
"Going ahead the immediate resistance for the pair is at 61.10. A move above the same can strengthen the pair to test 61.40 to 61.60 levels. However, breach of 60.65 level might prompt further selling towards 60."
Source : moneycontrol.com
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