Rupee opened weaker, Dollar edges down vs. Yen The Indian rupee opened the day weaker at 58.82/83 level compared to its previous close at 58.77/78 levels tracking weak Asian currencies. However due to dollar selling in market rupee moves up to 58.60/61 levels in early deals. Currently rupee is trading at 58.87/88 level and remains close to its record low ahead of the outcome of the Federal Reserve meeting that may signal a tapering down of the U.S. stimulus programme. Equity markets have started the trading on a marginally lower note tracking weak Asian cues along with index heavyweights and financial shares leading the fall. The current fall in Rupee after it hit the all time low and corrected itself to 57.45 indicates more bearish tone in the coming session. As mentioned in our weekly report only a firm break of 59 levels and sustained trading above the same would suggest that dollar bulls have again come in forefront and more weakness in rupee can be expected. FED Policy announcement on QE will decide whether Rupee is heading towards 60 plus level or it will come back to 56.50. However any correction up to 58.57 is expected. Intraday range for rupee may be 58.51-58.98. Trend for the day- Rupee bearishness continues.
Posted on: Wed, 19 Jun 2013 05:02:55 +0000
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