The second round of steps taken by the Reserve Bank of India (RBI) had its impact on Indian exporters. The appreciation seen on Wednesday in the rupee was on dollar selling, not by the central bank, but by exporters. The impression appears to have been created by the central bank that they are not going to stop at anything to ensure that the dollar doesn’t get expensive. So, if one has forward dollars, it would be good to sell it now.
That psyche was getting reflected in the way exporters behaved and sold dollars yesterday. There will be some weakness in the rupee, but exporters or banks may not want to take on the central bank in this current mood
For July contract USD/INR has opened at 59.26 and is trading at 59.35 , Resistance for the day is 59.60 whereas support lies at 59.03 .
That psyche was getting reflected in the way exporters behaved and sold dollars yesterday. There will be some weakness in the rupee, but exporters or banks may not want to take on the central bank in this current mood
For July contract USD/INR has opened at 59.26 and is trading at 59.35 , Resistance for the day is 59.60 whereas support lies at 59.03 .
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