Due to strengthening of rupee markets gains. Aggressive short covering seen in the markets. Markets sentiments were good and we have seen gap up opening. Last week was news driven week, so many news were buzzing in the markets including natural gas price hike. We can see more bullish move during next week as per the global scenario & the currency markets.
The partially convertible rupee was at 59.38/39 per dollar at 9:01 a.m. (0331 GMT), after opening at 59.32, its strongest since July 2. The rupee closed at 59.66/67 on Wednesday.
The rupee today fell by 40 paise to 59.96 in early trade on the Interbank Foreign Exchange market, weighed down by dollar%u2019s gains against other currencies in global markets.
The rupee is down nearly 10 percent against the dollar since the start of May, hitting a record low of 61.21 per dollar on July 8. It has lost more than half its value since early 2008, when it had strengthened past 40 per dollar to decade highs.
The rupee today lost 17 paise to 59.84 against the dollar in early trade at Interbank Foreign Exchange market due to increased demand for the US currency from importers.