Rupee weaker; month-end oil demand hurts
Gains in domestic shares may limit sharp rise in pair
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<a href="http://www.shutterstock.com/pic-111991067/stock-photo-dice-on-rupee-coins-on-indian-currency-notes.html" target="_blank">Rupee</a> image via Shutterstock
The rupee was trading at 62.52/53 versus its close of 62.41/42 as lack of dollar inflows due to US holidays for Thanksgiving and month-end demand from oil companies hurt.
Traders expect the pair to find good resistance at around 62.55 levels, which, if broken, can take it higher to 62.70-75 levels.
Traders, however, say gains in the domestic sharemarket may limit a very sharp rise in the pair. The BSE Sensex is trading up 1.3%.
The September-quarter GDP data will be released after market hours today.
Traders expect the pair to find good resistance at around 62.55 levels, which, if broken, can take it higher to 62.70-75 levels.
Traders, however, say gains in the domestic sharemarket may limit a very sharp rise in the pair. The BSE Sensex is trading up 1.3%.
The September-quarter GDP data will be released after market hours today.
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First Published: Nov 29 2013 | 3:01 PM IST