| Date: |
08-06-2015 |
| Subject: |
Indian rupee opens at 64.05 per dollar; slips 30 paise |
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The Indian rupee slipped in the early trade Monday. It has opened lower by 30 paise at 64.05 per dollar against 63.75 in Friday's session.
Agam Gupta of Standard Chartered Bank said rupee opening at around 64.05-64/dollar is due to strengthening of the dollar against most other currencies as a reaction to the strong US jobs data.
According to him, 64.25-64.30/dollar remains a strong resistance and he expects exporters to sell dollars on any upticks to that level.
On the downside 63.90/dollar should be a support and importers/local government banks should come in to buy dollars there, Gupta said. He expects a range of 63.90-64.25/dollar for the day.
The US dollar rallied to a 13-year peak against the yen and rises sharply against the euro after data showing US job growth accelerated in May, bolstering the case for an interest rate hike as early as September.
Source : moneycontrol.com
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