| Date: |
08-09-2014 |
| Subject: |
Indian rupee opens at 60.29 per dollar; gains 10 paise |
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The Indian rupee opened at highest level since July 31 on Monday. It has gained 10 paise at 60.29 per dollar against 60.39 on Friday.
Sterling slumped to its lowest in nearly 10 months on Monday amid worries about political uncertainty after an opinion poll showed supporters of Scottish Independence from Britain taking the lead for the first time since the referendum campaign began. It skidded nearly 1 percent.
Agam Gupta of Standard Chartered said, "Expect to see very strong nationalised bank demand between levels of 60.20-60.25/dollar."
"Expect Rupee to trade in a range of 60.20-60.40/dollar for the day. Exporters and FIIs likely to sell on upticks," he added.
According to Emkay report, SPOT USDINR can turn weak on sustained breakdown below 60.35 and can travel lower towards 60.10 again recovery can be seen. Prices should not move above 60.50 to maintain negative outlook for the day.
Source : moneycontrol.com
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