Indian rupee opens lower at 61.85 per dollar

Written By Unknown on Jumat, 04 Oktober 2013 | 10.54

Indian rupee fell by 12 paise in early trade Friday to 61.85 per dollar as against previous day's closing of 61.73 per dollar.

Jayesh Mehta of Bank of America Merrill Lynch expects the current stabilisation in rupee to continue. For the time being, trajectory for the rupee is to appreciate further, he adds.

According to him, RBI shoring up the reserves via oil marketing companies could further provide upside and key support level at 61.50/USD is difficult to breach. "The range for the day is seen between 61.75-62.25/USD."

The euro trades above 1.36/dollar, within striking distance of its 2013 peak of 1.37/dollar. Pushing higher for a second session as the dollar remains pinned at 8-month lows.

Also Read - USD likely to strengthen by year-end on Fed taper: Barclays



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