Indian rupee opens lower at 56.54/dollar; down 5% in May,2013
The Indian rupee opened lower by 16 paise at 56.54 per dollar on Friday as against previous day's closing of 56.38. It has depreciated 5 percent in May 2013.
Himanshu Arora of Religare said, "The dollar may lose some steam versus the rupee as GDP may beat estimates and on continuing dollar inflows into India. Technically, the dollar is trading in overbought zone, signaling profit-booking for the short-term. We expect Q4 GDP to come in at 4.9 percent."
According to him, the range for the rupee is seen between 56.10-56.52/USD.
The euro rose to 1.30 to the dollar. The dollar index was at the 83 mark led by weak economic data. The dollar was at 101 versus the yen.
Source : moneycontrol.com
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