Indian Rupee's possible range for near-term is 60.30 to 61.10 - Kotak

Yesterday, when trading began in the domestic currency pits, there was no sign of the coming deluge later part of the day. However, seeds were sown by bullion, which was melting rapidly. Both the Rupee and Gold have been a victim of the US Fed's taper-on trade. USD/INR was largely ranged between 59.70 and 59.90 for most of day. It was during the last two hours, USD/INR gapped upward above 60.00 on spot. After that there was no stopping the Dollar. A lack of offers and surge of buying from all quarter propelled it towards 60.72 on spot.

Overnight, markets have maintained their risk-on mood with US and European equities closing higher. Asian equities and the currencies are all trading in the positive zone. USD/INR could see a flat to marginally down opening and there after trade with an upward bias.

MARKET VIEW : Open could be around 60.50/51 on spot. Possible range of 60.30 to 61.10 over the near-term. Above 59.90 bias remains upward. Below 59.90, if sustained, then bias turns neutral.

Source : Equity Bulls

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