Indian Rupee opens stronger at 58.82 levels - ICICI Bank : Treasury Research

The Indian Rupee opened stronger at 58.82 levels against the Dollar and is currently trading at 58.85 levels. The close in Rupee yesterday was at 59.11. The RBI's defence of the currency seems to be bearing fruit at this time but the Rupee trajectory has also been aided in part by the sudden decline in the Dollar index amidst speculation that the Fed may tone down its forward guidance. Meanwhile, the Chief Economic Adviser Raghuram Rajan said that all options are being considered for financing the CAD and there is also a need to make a distinction between stabilizing the currency and monetary policy objectives. Intraday the Rupee is likely to take cues from movements in domestic stocks. The intraday trend for USDINR is ranged with support at 58.60 and resistance at 58.98

Source : Equity Bulls

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