| Date: |
18-11-2014 |
| Subject: |
Indian rupee opens lower at 61.79 per dollar |
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The Indian rupee opened marginally lower at 61.79 per dollar on Tuesday versus 61.73 Monday.
The Japanese yen steadied against the US dollar coming off seven-year lows after Japan's economy unexpectedly slipped into recession in the third quarter. The dollar gained against the euro.
Ashutosh Raina of HDFC Bank said, "The unexpected recession in Japan has renewed global growth concerns. Of late, the Fed has been extremely hawkish while ECB and BoE have been extremely dovish, resulting in dollar strength against most currencies. The markets will be keenly awaiting the Fed minutes to be released this Wednesday.”
He further added, “The rupee has been trading in the 61-62/dollar range and the October trade deficit of USD 13.25 billion doesn't look heartening. However, strong FII/FDI flows should help the rupee."
Source : moneycontrol.com
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