| Date: |
02-06-2014 |
| Subject: |
Indian rupee opens at 59.27 per dollar, down 18 paise |
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The Indian rupee slipped in the early trade on Monday. It opened lower by 18 paise at 59.27 per dollar versus Friday's closing value of 59.09 a dollar.
The dollar edged up slightly in early Asian trade, while the euro came under pressure as the market braced for further stimulus measures from the European Central Bank this week.
According to UBS, "The rupee is expected to rally to 55/dollar on reforms boost by new Government. India's growth story to remain strong and rupee appreciation will lead to lower inflation, lesser ambiguity."
"At 55/ dollar, there will be no diesel under recovery and hence diesel subsidy will be nil," it added.
Source : moneycontrol.com
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