Rupee expected to weaken further towards 60.90 levels: Hemal Doshi

Sep 01 2014, 18:14 IST
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Technically on short term chart rupee is into overbought zone. (Reuters) Technically on short term chart rupee is into overbought zone. (Reuters)
SummaryIndian rupee opened weak at 60.50 and then made an intraday low of 60.55 due to...

Indian rupee opened weak at 60.50 and then made an intraday low of 60.55 due to firm dollar movement in overseas market, weak Asian currencies & geo political tension.

However dollar sales from banks and exporters, firm equity market sentiments helped rupee to recoup all of its intraday losses and make a high of 60.42. However inability to breach the critical level of 60.38/40, weak European equity markets again led rupee to come under pressure and close near days low. Rupee closed at 60.5250 weaker by 0.05%.

Technically on short term chart rupee is into overbought zone and level of 60.38/40 again held today which still indicates that rupee is expected to weaken further towards 60.90 levels in the near term.

By Hemal Doshi, Geojit Comtrade Ltd.

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