Friday, 5 July 2013

Rupee opens flat at 60.11 per dollar

The Indian rupee opened flat at 60.11 per dollar versus 60.13 yesterday. "The rupee could be weak on overnight dollar strengthening. The range for the day is seen between 60.10-60.40.Demand from oil importers and the much expected inflows for the HUL open offer led to rupee volatility yesterday. The rupee could be weak on overnight dollar strengthening.
The range for the day is seen between 60.10-60.40/USD. The markets always have a tendency to forecast in the direction in which there is a sharp move and obviously at this time the consensus is that there is more weakness to come. It is very hard to say whether we will actually see 65 or will the rupee top out around the 62-63 mark, but one thing is quite clear that right now it is very hard to say that the rupee has topped out already. 

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