Sep 08, 2010
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Indian Rupee
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Indian Rupee
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Indian Rupee
The partially convertible rupee closed at 46.84/85 per dollar which was 0.7 percent below its close of 46.53/54 on Monday.
Naveen Raghuvanshi, an associate vice president with Development Credit Bank quoted that "Euro was much weaker today while the dollar also gained broadly, hence the rupee fell. Stock gains failed to have an impact since New York was shut yesterday. The bunched up outflows and lack of inward remittances hurt." He added by saying that, re-testing of 47.00 levels for rupee seems likely only if Euro breaks $1.27 levels. Therefore until then 46.85-4690 hold on the topside of dollar and 46.50 seem like a good support.
Euro fell rapidly after it raised concerns about the European banking sector that prompted investors to sell higher–risk currencies. The index of dollar against six major currency of the world was 0.7 percent.
