Indian rupee opened weak at 60.72 and then made a low of 60.7950 as firm dollar in overseas market after FOMC minutes, dollar demand from importers,weak Asian currencies and equity markets weighed on rupee.
However dollar sales by banks and exporters, lower crude oil prices and reversal in weak Asian currencies and equity markets helped rupee to recover all of its intraday losses and make a intraday high of 60.61.Rupee closed at 60.67 weaker by 0.10%. Full Coverage: Indian rupee vs US dollar, others
Technically, 60.86 is a very critical level and as far rupee is trading above this level we can expect it too appreciate towards 60.35/40 levels.
By Hemal Doshi, Geojit Comtrade Ltd.