| Date: |
11-09-2014 |
| Subject: |
Indian rupee opens higher at 60.86 per dollar |
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The Indian rupee opened with a marginal gain of 8 paise on Thursday at 60.86 per dollar against 60.94 previous day close.
The dollar hits a six-year high against the yen. Meanwhile the euro continue to trade below 1.30 to the dollar.
Mohan Shenoi of Kotak Mahindra Bank said that, "The dollar rally due to risk-off sentiment arising out of Brazil downgrade and uncertainty about the Scottish referendum appears to be losing momentum today.”
He further added, “The rupee had depreciated against dollar despite crude prices falling below USD 100/bbl. This trend is also expected to pause today. The rupee is expected to trade today in a range of 60.60-61/dollar."
According Emkay report, SPOT USDINR prices are expected to have support at 60.70 and buying can be seen there. Prices on higher side can again test 60.95. Prices should not fall below 60.55 to maintain positive outlook for the day.
Source : moneycontrol.com
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