Rupee higher, headed for third weekly gain

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Reuters
Last Updated : Dec 06 2013 | 9:55 AM IST

Reuters Market Eye - The rupee is higher for a third session, tracking euro gains after the ECB gave no indication of policy easing. The pair is at 61.665/675 versus 61.7525/7625 Thursday close.

State poll results due on Sunday. A strong showing by the opposition Bharatiya Janata Party (BJP) will be viewed as an endorsement for its prime ministerial candidate Narendra Modi, who is perceived as business-friendly and may lead to INR gains.

The pair's daily close below 61.9 is a sell signal.

The pair headed for a third week of losses, down 1.2 percent.

Ahead of that, U.S. payrolls report for November due later Friday will be crucial in determining emerging market currency sentiment.

Asian currencies mostly trading firmer.

The euro traded at five-week highs against the dollar early in Asia on Friday, having powered higher overnight after the European Central Bank gave no fresh indication that it would ease policy anytime soon.

(Reporting by Subhadip Sircar)

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First Published: Dec 06 2013 | 9:45 AM IST

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