Expect rupee to open on a depreciating note: Karvy

Karvy Forex Research has come out with a research report on currencies. The reasearch firm expects Indian rupee to open on a depreciating note.

The report says, "US equity markets ended largely flat on the last trading day of the year 2010. Japanese and Chinese markets are closed today while the other Asian equity markets are largely trading higher. SGX nifty is pointing towards positive opening for Indian markets as well. Dollar index is currently trading higher by 0.5 percent at 79.37 on the back weakness in Euro. Data later is expected to indicated unchanged PMI numbers of Euro zone while ISM manufacturing and prices paid in US are expected to come in higher. Overall, we expect Indian rupee to open on a depreciating note but positive equity markets may later trim send rupee trimming some of its losses and thereby we recommend selling at higher levels."

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