Rupee opened higher, Dollar moves sideways The Indian rupee opened the day higher at 56.42/43 level compared to its previous close at 56.44/45 level and moves up to 56.30/31 level in early deals on the back of the government and central bank steps taken yesterday. India is likely to raise the cap on foreign investment in sovereign debt by $5 billion soon, two finance ministry officials said. The Reserve Bank of India also extended the restrictions on the import of gold on consignment basis by banks to all nominated agencies and trading houses. Some traders also cited dollar flows towards the Unilever stake raising deal, though it was not too large. Dollar against rupee on the daily time frame in technical chart seems to be losing the momentum. In the early session today, rupee managed to sustain above 56.55 levels. Rupee is likely to gain further and may find resistance around 56.23. However 56.60-56.65 will still provide good support to the rupee and rupee is likely to remain above these levels. Intraday range for rupee may be 56.23-56.65. Trend for the day- Range bound trading.
Posted on: Wed, 05 Jun 2013 04:50:35 +0000
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