| Date: |
10-12-2014 |
| Subject: |
Indian rupee opens lower at 61.96 per dollar |
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The Indian rupee opened with marginal loss of 8 paise at 61.96 per dollar on Wednesday versus previous day's closing value of 61.88 a dollar.
The dollar nursed hefty losses following a brutal shakeout of bullish positions. Spooking markets, political uncertainty in Greece appeared to have reignited worries about Europe, prompting a flight to safety into US treasuries. That drove yields lower, which in turn knocked the dollar index off a near six-year perch.
NS Venkatesh of IDBI Bank expects the rupee to take the cues from the equity markets and also the external developments on dollar vis-a-vis other currencies. "The rupee is expected to trade within a narrow range of 61.70-61.95/dollar," he says.
Source : moneycontrol.com
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