Rupee gains 13 paise against US dollar.

Indian rupee gained against the greenback in morning trade on Tuesday. Rupee was up by 13 paise or 0.24% against USD at Rs 54.98 compared to previous close of 55.11 (09.32 a.m.).

In the spot market, the Dollar Index increased to 83.8 (23:50 ET).

Euro - USD was trading at 1.28 up 0.05% while USD - Japanese Yen was trading at 102.52 up 0.24% (23:57 ET).

At 09.31 a.m., the Sensex was trading up 26.57 points or 0.13% at 20,250.55 with 20 components gaining. Meanwhile, the Nifty was trading higher by 5.20 points or 0.08% at 6,162.10 with 28 components gaining.

Commenting on outlook for currency, Emkay Global Financial Services said, ''USDINR trend remains firm for the short term as price settled at 55.11 levels since January 08. However, intraday corrective declines can't be ruled out towards 55.02 followed by 54.90 levels before continue its original gains. Only a break and close below 54.90 can change our bullish bias.

Rupee is expected to remain weaker for the day as gaining strength in dollar index and weaker local markets can push the rupee down. However, stronger Asian markets against dollar can keep the prices in check.''


Source : myiris.com