Indian Rupee Opens Lower At 60.48 Per Dollar

The Indian rupee opened lower at 60.48 per dollar on Wednesday, down 5 paise compared to previous day's closing value of 60.43 a dollar.

The dollar hovered just under a 13-month peak against a basket of major currencies early with the euro still struggling amid expectations of further policy easing from the European Central Bank.

Also Read - Rupee to outperform Asian peers in near-term: StanChart

Himanshu Arora, Currency Analyst at Religare said, "USD-INR pair is expected to trade higher today. Mass de-allocation of coal blocks could probably push imports higher leading to widening of the trade deficit given the impact on domestic production."

"Rupee may also weaken ahead of the GDP data for the April-June quarter expected on Friday. Expect USD-INR to trade in the range of 60.22-60.75/dollar," he added.

According to Emkay report, SPOT USDINR prices have crucial support at 60.30 and as far as prices are holding this support, prices are expected to trade sideways to higher. Immediate resistance at 60.60. A breakdown below 60.3 0 can take prices further lower towards 60.10.

Source : moneycontrol.com