| Date: |
12-11-2013 |
| Subject: |
Indian rupee opens lower at 63.42/dollar, down 18 paise |
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Indian rupee slipped further in early trade on Tuesday. It opened lower by 18 paise at 63.42 per dollar as against previous closing of 63.24 per dollar.
Indranil Sengupta of Bank of America Merrill Lynchfeels the rupee market has begun to look ahead at tapering of the RBI's swaps with oil companies. "We continue to expect the rupee to stabilize at 60-65/USD if the euro-dollar trades in a 1.20-1.30 range. Not surprisingly, the rupee remains among the weakest of the BRIC currencies," he adds.
Sengupta expects the rupee to end around 63/USD levels by December-end.
The euro clings onto modest gains in early Asian trade after a lackluster overnight session that saw investors trim bearish positions in the common currency following a heavy selloff last week.
Source : moneycontrol.com
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