| Date: |
09-09-2014 |
| Subject: |
Indian rupee opens lower at 60.43/dollar; slips 14 paise |
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The Indian rupee opened on a weak note on Tuesday. The currency slipped by 14 paise to 60.43 per dollar as against previous day's closing value of 60.29 a dollar.
Ashutosh Raina of HDFC Bank said, "The US dollar posted strong gains across the board, with Euro, Yen and Pound hitting troughs and USD Index just short of it's high of 84.75 hit in July 2013. Strong FII flows and suspected Central Bank intervention have ensured that rupee consolidates in 60-61/dollar range."
According to Emkay, SPOT USDINR prices have intraday resistance at 60.50 and prices can remain sideways to lower as far as prices are trading below 60.70. On lower side prices have support at 60.20 and can bounce back if holds 60.10.
The dollar traded at 14-month highs against a basket of major currencies early on Tuesday, benefiting from a run in Sterling and after a Federal Reserve study sparked more buying interest.
Giving bulls a boost, a research from the San Francisco Fed noted that investors are pricing in a lower trajectory for interest rate rises than members of the Fed itself.
Source : moneycontrol.com
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