| Date: |
31-10-2014 |
| Subject: |
Indian rupee opens higher at 61.39 per dollar |
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The Indian rupee opened marginally higher at 61.39 per dollar versus 61.45 Thursday.
The dollar held at four-week highs against a basket of major currencies, getting another boost from encouraging growth data a day after the Federal Reserve gave an upbeat assessment on the economy.
Pramit Brahmbhatt of Veracity said, "The positive sentiment in the equity market may support the currency. The rupee is expected to trade positively, though month-end dollar demand from oil importers will keep it under pressure. See the range for rupee between Rs 60.90-61.90/dollar."
According to way2wealth, despite strong inflows in domestic equity markets, INR remained under pressure on strengthening of USD. Therefore, USDINR remained the only pair which gained politely in yesterday’s session.
As shown in the daily chart, the pair is hovering exactly near the gap area (resistance) of 61.90. In the coming session also, 61.90-62.00 might act as strong resistance for the pair. A move above the same can result in further upside towards 62.50 mark.
Source : moneycontrol.com
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