Indian rupee to US dollar: 12 Indian, global points to watch as Iraq crisis hits

Jun 14 2014, 17:05 IST
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For most part of last week, Indian rupee was caught within a tight range of 59.10/20 and 59.40 on spot. Reuters For most part of last week, Indian rupee was caught within a tight range of 59.10/20 and 59.40 on spot. Reuters
SummaryThe Indian rupee to US dollar situation changed quite drastically last Friday.

around the 59.80/60.00 region, which in case it is crossed, if geopolitics warrants, can cause prices to move towards 60.40/60 region. We can see RBI come in the selling side - in case rupee comes under a spiralling pressure. However, we do not expect the current bout of depreciation to sustain for long because domestic tailwinds, will make rupee attractive for foreign investors and exporters above 60.00 handle on spot. Key support is expected around 59.35/40 region and then around 58.80/90 region.

By Anindya Banerjee, analyst, Kotak Securities

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