| Date: |
08-04-2015 |
| Subject: |
Indian rupee opens lower at 62.32 per dollar |
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The Indian rupee opened lower by 7 paise at 62.32 per dollar on Wednesday against previous day's closing value of 62.25.
NS Venkatesh of IDBI Bank said, "The rupee weakened as Reserve Bank of India (RBI) kept policy rates unchanged and its statement also raised concern over the future rate action. The forward premia rates traded with a softening bias."
He further added, "The dollar index has marginally strengthened, it is expected that the rupee will trade in a narrow range but with a depreciating bias in the range of 62.20-62.40/dollar today."
The dollar recovered all the ground it lost against the euro from Friday's jobs report. The dollar index holds above 97 levels. Citing the currency's strength, Bank Of America-Merrill Lynch cut its 2015 earnings estimates for the S&P 500 by USD 2 a share.
Source : moneycontrol.com
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