Rupee gains after opening lower, Dollar gains The Indian rupee - TopicsExpress

Rupee gains after opening lower, Dollar gains The Indian rupee opened the day weaker at 63.43/44 level compared to its previous close at 63.25/26 levels. However, rupee moves up to 63.11/12 levels in early deals after the central bank said late on Tuesday it will buy bonds and eased bond-holding rules for banks to ease tight cash conditions. The rupee also posted some gains on the back of strong local stocks, with banking shares leading the gains. After yesterday’s correction in the last minute session rupee is likely to hold above 63.67 levels. Intraday rupee may find support around 63.67 followed by 63.85. Ideally rupee may find some strength against dollar up to 63.11 followed by 62.88 on the chart. Intraday range for the day may be 62.90-63.65. Trend for the day- Mild correction in USDINR expected with sideways trading.

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