Rupee made a intraday high of 60.76 after it breached the 200 DMA level of 61.04 as traders were seen building long position in rupee. Upbeat sentiment in global equity markets with continued dollar weakness and firm Asian currencies further aided bullish rupee sentiment. It closed at days high 60.76 firmer by 0.74%.
Technically todays rupee close above 200 DMA of 61 indicates that further appreciation for rupee is expected till 60.40/50 levels.
By Hemal Doshi, Geojit Comtrade Ltd.