Rupee opened higher, Dollar edges up vs. Yen The Indian rupee opened the day higher at 60.93/94 levels compared to its previous close at 61.0950/1050 levels tracking the gain in Asian currencies and as Indias retail inflation in September hits record low. Indias annual consumer price inflation eased for a second straight month in September to 6.46 percent, its lowest level since the government started releasing the data in 2012, data showed on Monday. The latest number was sharply lower than August’s revised 7.73 percent print. Traders expect caution to prevail ahead of the Maharashtra state election on Wednesday. Most Asian currencies are trading stronger compared to the dollar. Equity markets opened higher. As per the technical indicators range for the USDINR pair may be 60.82-61.20 levels. Rupee has an immediate support at 61.12 levels. A breach of the same may see rupee at 61.23 followed by 61.35 levels. On the positive side rupee is likely to face resistance at 60.91 levels and if it is able to break the same then it may gain up to 60.82 followed by 60.7050 levels.
Posted on: Tue, 14 Oct 2014 04:22:48 +0000
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