Indian rupee opened firm at 61.10 due to global dollar weakness, dollar sales from exporters and firm equity markets. Fall of WPI to a month low of 5.19% were also seen supporting rupee. Check update: Indian rupee vs US dollar, others
Rupee made a intraday high of 60.76 after it breached the 200 DMA level of 61.04 as traders were seen building long position in rupee. Upbeat sentiment in global equity markets with continued dollar weakness and firm Asian currencies further aided bullish rupee sentiment. It closed at days high 60.76 firmer by 0.74%.
Technically today’s rupee close above 200 DMA of 61 indicates that further appreciation for rupee is expected till 60.40/50 levels.
By Hemal Doshi, Geojit Comtrade Ltd.