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Rupee lower; short-term resistance at 200 DMA

Source : REUTERS
Last Updated: Wed, Apr 03, 2013 05:04 hrs
To match feature MICROFINANCE

Rupee opens lower in line with weakness in Asian fx, stocks. The pair is at 54.39/40 versus Tuesday close of 54.26/27.

A private bank dealer expects some selling to come in the early session, keeping gains in check.

Dealers will watch for stock cues and developments on the political front.

A dealer keeps a 54.30-54.65 range for the session.

The pair has short-term resistance at 200 DMA at 54.52 and subsequently previous high of 54.56, seen on March 20.

Most Asian currencies trading weaker against the dollar. For a snapshot, see.

The yen retreated from a one-month high against the dollar early in Asia on Wednesday, while the euro was subdued in a market largely lacking conviction as investors await policy decisions by the Bank of Japan and European Central Bank.

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