Rupee down despite share gains
Reuters Market Eye - The rupee trading close to 55 levels despite gains in the domestic sharemarket. The rupee is trading at 54.99/55.00 versus its close of 54.88/89.
The rupee fell to as low as 55.07 in opening trade, its lowest since March 4.
Domestic shares trading up 0.8 percent tracking firm Asian indices.
Traders say good dollar buying is likely at 54.95 levels while 55.15 is expected to cap the upside.
"If 55.15 is broken convincingly, we could see it move upto 55.40-50 levels but until then it is safe to play the 54.50 to 55.15 range," said a senior dealer with a foreign bank.
(Reporting by Swati Bhat)
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The recent market correction was overdue. A further correction would be an opportunity for those who missed the rally in the past few months. The markets could get a reality check next year and consolidate before the next big movement. I still believe PM Modi will not fritter away his mandate and deliver on his promise, albeit with a delay, writes Ambareesh Baliga. Article