Indian rupee closes below crucial support of 61.74

New Delhi | Updated: Oct 1 2014, 00:32am hrs
Indian rupee opened at 61.60 and briefly made a intraday high of 61.55 due to stable overseas dollar movement and stable Asian currencies

However renewed dollar strength, fresh dollar demand from corporates, status quo maintained by RBI on policy rates and covering of short dollar position led rupee to make a intraday low of 61.82. Rupee closed at 61.7450. Weaker by 0.35 percent

Technically todays rupee close below its crucial support of 61.74 is bearish and rupee could weaken further till 62.20/30 in the near term.

By Hemal Doshi, Geojit Comtrade Ltd.