Rupee to dollar: Indian currency can appreciate towards 60.35/40 levels

Updated: Aug 20 2014, 23:28pm hrs
Indian rupee opened weak at 60.83 and then made a low of 60.88 as firm dollar in overseas market after robust housing data, weak Asian currencies and dollar demand from importers weighed on rupee. Renewed geo political tension in Gaza also aided bearish sentiment.

However fresh dollar sales by banks and exporters, lower crude oil prices, caution among dollar investor ahead of Jackson hole meeting and FOMC minutes data helped rupee to recover all of its intraday losses and make a intraday high of 60.5150. Rupee closed at 60.61 marginally firm by 0.11%. Check updates: Indian rupee vs US dollar, others

Technically 60.86 is a very critical level and as long as rupee is trading above this level we can expect it too appreciate towards 60.35/40 levels.

By Hemal Doshi, Geojit Comtrade Ltd.