From the intra-day perspective, we expect Indian Rupee to trade on a mixed note on the back of dollar demand from state run banks and oil companies, investors remaining cautious ahead RBI monetary policy review on 2nd Dec'14, Says Angel Broking.
The Indian rupee opened flat at 61.85 per dollar on Wednesday against 61.86 Tuesday. The Australian dollar hovered at a four-year low, having been singled out by sellers in an otherwise aimless currency market ahead of the US Thanksgiving holiday.
MUMBAI Nov 18 (Reuters) - The Indian rupee weakened to its lowest level in a little over a month on Tuesday morning as private oil firms bought dollars while a broadly stronger dollar also hurt sentiment for the local unit.
The Indian rupee opened flat at 61.90 per dollar on Tuesday against previous day's closing value of 61.94 a dollar. The euro clings to modest gains having benefited from a short squeeze following an encouraging rebound in German business sentiment.
After breaching the 62-mark in early trade, Indian rupee today rebounded and ended with a gain of 8 paise at 61.86 against the Greenback on account of suspected RBI intervention through state-owned banks.
Technical Outlook: As seen on the daily chart, USD INR has bounced back sharply from the lower trend line support. It is likely that the counter will head further upwards where 62.11 is an immediate resistance.