The rupee is holding its bearish bias over last couple of days and is holding above the 63.00 levels, giving signs of further weakness, says India FOREX Advisors.
The rupee opened at 62.55 a dollar from the previous close of 62.23 at the interbank foreign exchange market. It moved in a range of 62.34 and 62.73 before ending at 62.60, a fall of 37 paise or 0.59 per cent.
The RBI has acted according to the expectation of the market. But still we saw Rupee and Sensex turning around on the back of hawkish comments made by the RBI.
The Indian Rupee had hit an all-time low of 57.33 levels to the dollar recently. It has depreciated more than 18% since January 2012. (Low of 48.55- high of 57.33).
The rupee fell to a fresh record low on Thursday as a sharp increase in petrol prices failed to lift investor sentiment even as it fueled expectations New Delhi might soon take the more politically fraught step of raising diesel prices.
India Forex Advisors has come out with its report on currencies- technical outlook.
After hitting a two month high against the US currency in early trade, the rupee today ended at 44.48/49 down by five paise from its last close, following weakness in local equities amid a firm dollar overseas.