| Date: |
05-06-2014 |
| Subject: |
Indian rupee opens higher at 59.26 per dollar |
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The Indian rupee gained marginally in early trade on Thursday. It opened higher by 7 paise at 59.26 per dollar versus previous day's closing value of 59.33 a dollar.
Mohan Shenoy of Kotak Mahindra Bank says, "Global currency markets are focused on ECB rate setting meeting today where some form of monetary easing is expected.”
“This could weaken euro and trigger flows into emerging markets. However, sterilisation of custodial flows by RBI is keeping USD-INR in a tight range. USD-INR is expected to trade today in a range of 59.20-59.50,” he adds.
The euro languishes at four-month lows with investors firmly sidelined as they waited to see what measures the European Central Bank would implement to tackle the threat of deflation.
Source : moneycontrol.com
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