Rupee opened flat, Yen on back foot The Indian rupee opened the day almost flat at 62.29/30 levels compared to its previous close at 62.3150/3250 levels due to sharp fall in the September-quarter current account deficit. Current Account Deficit (CAD) for the second quarter of the current financial year plunged to $5.2 billion versus $21 billion year-on-year. However, rupee slipped 62.4450/4550 levels in early deals on global dollar strength. Asian currencies are mostly trading weaker. Equity market opened flat to negative tracking weak Asian markets amid other global cues. USDINR pair bounced back sharply during previous session and continues to remain upside in today’s morning session too. On 4H timeframe 62.46 is an immediate resistance for USDINR pair followed by 62.60 whereas 62.07 will provide minor support to the pair. Intraday range for rupee may be 62.10-62.60. Trend for the day- Intraday we may expect the rupee to weaken in the first half of the session and later recover in the second half.
Posted on: Tue, 03 Dec 2013 05:42:19 +0000
Trending Topics
Recently Viewed Topics
© 2015