Indian rupee opens strong at 61.89/USD, up 18 paise

The rupee started a day below the 62-mark on Friday at 61.89 per dollar, up 18 paise from previous close.

Himanshu Arora of Religare feels the rupee may trade slightly strong against the dollar on steps taken by RBI to assure liquidity in the market.

"Moreover sentiment for the rupee remains positive as foreign banks are currently selling dollars, instead of rolling-on their long outstanding positions. Strong Asian currencies are also providing positive cues," he adds.

According to him, the range for the day is seen between 61.70-62.20/USD.

The dollar holds onto modest overnight gains but is on track to end the week flat, hampered by the US debt default and lack of clarity over fed tapering. The euro trades sub 1.35/dollar and the yen is inching towards 99/dollar.

Also Read - Rupee hits hard times: India woos offshore currency players

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