Rupee hits new all time low, Dollar firm The Indian rupee opened the day higher at 61.34/35 level compared to its previous close at 61.43/44 levels but dropped sharply to touch a new all time low of 62.00/01 levels in early deals following the fall in domestic shares. Equity markets started in red on account of weak global cues, as signs of improvement in the U.S. job market and rising consumer prices cemented expectations that the Federal Reserve will start reducing its stimulus next month. At the current level rupee is likely to touch 62.05 levels after hitting its all time low at 61.80. However any intervention from central bank may keep rupee’s fall in check and any relief in Rupee may see it inching towards 61.20 followed by 60.91 as crucial level in the short term. Intraday range for rupee may be 61.27-62.05. Trend for the day– Bearish rupee sentiment with probability of central bank intervention.
Posted on: Fri, 16 Aug 2013 06:23:35 +0000
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