| Date: |
12-12-2014 |
| Subject: |
Indian rupee opens lower at 62.44 per dollar |
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The Indian rupee opened lower by 11 paise at 62.44 per dollar on Friday against 62.33 Thursday.
The dollar was firmer against most of its major peers thanks to upbeat US retail sales data, while nervousness over falling oil prices kept the Canadian dollar pinned near a five-year low.
Pramit Brahmbhatt of Veracity said, "We expect the local equity market to trade sideways and take cues from global markets for further direction. Any upper movement in the dollar will keep rupee under pressure. Expect the rupee to trade in a range of 62-62.70/dollar."
According to Karvy currency report, Asian currencies are trading on a negative note with respect to the dollar. US dollar has gained considerably in last night's session after the positive economic data. Japanese Yen depreciated for the first time in four trading sessions. Euro is trading at 1.2399 after depreciating against the dollar. One month Rupee NDF is trading at 62.80 with a change of 10 paisa from yesterday's close indicating a negative opening for the Indian rupee.
We expect the USDINR pair to open on a negative note and trading to be biased towards depreciation.
Source : moneycontrol.com
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