Rupee opened higher, Yen strengthened The Indian rupee opened the day higher at 62.30/31 levels compared to its previous close at 62.41/42 levels and moves up further to 62.19/20 levels on weakness in the global dollar. India to release September-quarter GDP data with the economy expected to show marginal pick-up in growth. Month-end oil-related dollar demand may keep a check on rupee’s gain. The central banks special FX swap windows, which have garnered over $25 billion, will close in end-November, leading to some jitters on flows. Foreign funds were buyers of $16.5 million in Indian equities on Thursday, provisional data showed. Asian currencies are mostly trading firm. Equity markets opened marginally higher led by financials. Rupee is facing immediate resistance around 62.11-62.18 region and tempting towards 61.97 levels. If Rupee manages to hold 62.47 levels and is able to breach the 62.11 then it may touch 61.97 in today’s session. However, 1H timeframe on technical chart indicates that the downside move in rupee towards 62.45-62.50 cannot be ruled out. Intraday range for rupee may be 61.97-62.47. Trend for the day – Positive Rupee bias.
Posted on: Fri, 29 Nov 2013 04:47:46 +0000
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