Rupee opened higher, Yen under pressure The Indian rupee opened the day higher at 62.35/36 levels compared to its previous close at 62.44/45 levels on marginally stronger-than-expected September quarter GDP numbers and stronger Asian FX. RBIs special FX swap windows, which have garnered over $25 billion, closed on Nov. 30, which will remove a key support for the rupee. Equity markets started on a strong note. On 4H timeframe in technical chart Rupee is facing immediate resistance around 62.20 levels followed by 62.05 and the breach of same may lead the USDINR pair towards 61.88 levels. However, the pair may again retest 62.515 level intraday but not beyond 62.66. As long as Rupee is trading above 62.66 it is more likely to remain strong against dollar amid thin volume and less volatility. Intraday range for rupee may be 61.87-62.57. Trend for the day – USDINR pair likely to trade within the range mentioned.
Posted on: Mon, 02 Dec 2013 04:53:52 +0000
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