| Date: |
18-03-2013 |
| Subject: |
Rupee falls 30 paise against US dollar in opening trade |
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Indian rupee declined against the greenback in morning trade on Monday. Rupee was down by 30 paise or 0.51% against USD at Rs 54.30 compared to previous close of 54.02 (09.13 a.m.).
''USDINR has found strong support at 54-53.95 zones, where 200-Day EMA falls. Till prices trade above these levels our bias remains firm with the price objective of 54.50 initial and a decisive close above that can attract potential buying, targeting 54.90 levels.
We expect Indian rupee to be weaker as bailout asked by Cyprus has raised fear about the stability of Eurozone and investors will be running more towards its safe haven currencies such as USD and JPY,'' said Emkay Global Financial Services.
In the spot market, the Dollar Index increased 0.60% to 82.75 (23:44 ET).
Euro - USD was trading at 1.29 down 1.28% while USD - Japanese Yen was trading at 94.68 down 0.63% (23:49 ET).
Source : myiris.com
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