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1-min read

Rupee 20 paise down, opens at 62.12 vs US dollar

The dollar nurses heavy losses after suffering its biggest one-day fall in four months against a basket of major currencies.

Moneycontrol.com

Updated:January 24, 2014, 9:12 AM IST
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Rupee 20 paise down, opens at 62.12 vs US dollar
The dollar nurses heavy losses after suffering its biggest one-day fall in four months against a basket of major currencies.

Mumbai: The rupee weakened by 20 paise to 62.12 against the dollar in early trade on Friday. The rupee closed at 61.92 on Thursday.

The yen holds firm in early trade, having charged higher overnight as worries about a slowdown in China and turmoil in some emerging markets spurred demand for the safe-haven currencies.

The dollar nurses heavy losses after suffering its biggest one-day fall in four months against a basket of major currencies, undermined by a drop in US benchmark yields to a six-week low.

Pramit Brahmbhatt of Alpari India said that, "Rupee is again threatening to trade above 62 levels after consolidating around 61 levels. Positive developments in US markets will give the Fed more reasons to do another round of tapering making the dollar strong globally."

"This coupled with strong month-end dollar demand by OMC and uncertain RBI action on January 28 will push rupee to trade weak today. However, dollar selling by banks above 62 levels might help. The range for the day is seen between 61.60-62.40/dollar," he added.

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