Rupee opened flat, Euro higher The Indian rupee opened the day flat at 62.40/41 level compared to its previous close at 62.39/40 levels and slipped further to 62.66/67 levels on sluggish domestic equities and demand from private oil companies. Most other Asian currencies are trading weaker compared to the dollar. Benchmark shares indices are trading in narrow range in early trades today as gains in IT majors helped offset losses in private banking majors. As per our yesterday’s analysis, rupee fell sharply lower once it breached 62 mark. USDINR pair has bounced back and is close to the average of Bollinger band in 1H timeframe in technical chart. We expect that Rupee may limit its losses around 62.75-62.80 and may correct up to 62.26 levels in the near term. However if Rupee fails to hold above 62.78 it may further fall below 63.00 levels. Intraday range for rupee may be 62.35-62.78. Trend for the day– Rupee bearish.
Posted on: Thu, 07 Nov 2013 10:06:10 +0000
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