| Date: |
04-02-2014 |
| Subject: |
Indian rupee opens lower at 62.81 per dollar, down 24 paise |
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Indian rupee opened lower by 24 paise at 62.81 per dollar on Tuesday as against previous day's closing value of 62.57 per dollar.
NS Venkatesh of IDBI Bank expects emerging markets currencies to continue trading with a weaker bias. "Dollar-rupee moves will take cues from equity market movement," he added.
He feels the rupee may trade during the day between 62.40-63.10/USD.
"Foreign inflows expected on ongoing spectrum auction on spectrum could counter balance FII pull out from equity markets, thus capping downside risks," he said.
Meanwhile, the yen hovered at two-month highs against the euro and dollar early on Tuesday, having powered higher as a selloff in risk assets forced investors to cover bearish positions in the low-yielding Japanese currency.
Source : moneycontrol.com
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