Rupee opens strong at 59.32/dollar on Bernanke's comments
Posted on: 09:49 AM IST Jul 11, 2013
Mumbai: Rupee appreciated further in early trade on Thursday, opening with 34 paise gains at 59.32 per dollar as against previous day's closing value of 59.66.
The domestic currency has been gaining for the third consecutive day today after hitting a record low of 61.21 per dollar Monday.
The euro spiked to 1.30 to the dollar. Meanwhile, the dollar index slumped to sub 83 levels post dovish comments from fed chief, Ben Bernanke.
Mohan Shenoi of Kotak Mahindra Bank feels dovish comments by Bernanke and indication in FOMC minutes that further improvement in the labour market outlook is needed for tapering asset purchases has led to dollar weakness.
"EM equities, bonds and currencies should see gains and the rupee could trade between 58.80-59.50/USD," he adds.