| Date: |
25-08-2014 |
| Subject: |
Indian rupee opens lower at 60.55 per dollar |
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The Indian rupee opened marginally lower at 60.55 per dollar on Monday as against Friday's closing value of 60.47 a dollar.
Agam Gupta of Standard Chartered expects rupee to trade in the range of 60.35-60.65/dollar. "Local banks will probably be on the bid between 60.35-60.40/dollar, while exporters and FIIs will sell dollars on any uptick above 60.60/dollar," he says.
According to Emkay report, spot USDINR prices are expected to have crucial support at 60.40-60.42 and prices should bounce back from this level. "Prices on higher side can face resistance at 60.60. Prices should not fall close 60.30 to maintain overall positive trend. Only a close below 60.30 will negate the upside view," it adds.
Meanwhile, the euro fell to its lowest in nearly a year against a broadly firmer dollar after comments from the head of the European Central Bank raised prospects of more policy easing; the dollar index towards its September 5th 2013 peak of 82.67.
Source : moneycontrol.com
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