Rupee to dollar: Further weakness in rupee seen

Sep 03 2014, 11:25 IST
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SummaryIndian rupee opened weak at 60.60 and then made an intraday low of 60.68.

Indian rupee opened weak at 60.60 and then made an intraday low of 60.68 due to firm dollar movement in overseas market, weak Asian currencies & choppy equity market sentiment.

Dollar sales from banks and exporters, firm equity market sentiments helped rupee to recoup most of its losses and make a high of 60.52. However dollar demand from corporate and absence of any large dollar inflow due to US holiday yesterday led rupee to come under pressure and make a fresh intraday low of 60.69.Rupee closed near days low at 60.68 weaker by 0.26%.

Technical indicators on short term are pointing towards further weakness in rupee and as far level of 60.38/40 holds we can expect rupee to weaken further towards 60.90 & 61.20 levels in near term.

By Hemal Doshi, Geojit Comtrade Ltd.

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