Rupee to dollar: Technical indicators point towards weakness

Sep 03 2014, 17:31 IST
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SummaryIndian rupee opened firm at 60.63 due to firm equity market sentiment, however firm US dollar ...

Indian rupee opened firm at 60.63 due to firm equity market sentiment, however firm US dollar movement and weak Asian currencies led rupee to make a intraday low of 60.69

However fresh dollar sales by banks ,exporters and traders after the news of cease fire steps have been agreed between Ukraine & Russia and firm equity market led rupee to make a intraday high of 60.33.

However dollar demand at lower levels led rupee to pare some of its intraday gains. Rupee closed at 60.4850 firmer by 0.32%.

Rupee is trading in a range between 60.30 & 60.70. However technical indicators on short term are pointing towards weakness and as far level of 60.38/40 holds on closing basis we can expect rupee to weaken towards 60.70 & 60.90 levels in near term.

By Hemal Doshi, Geojit Comtrade Ltd.

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