Indian rupee strengthened by 55 paise in early trade on Wednesday at 61.10 per dollar as compared to previous day's closing of 61.65. Pramit Brahmbhatt of Alpari India feels a weak dollar due to poor US jobs data may aid rupee gains seen this week.
Also healthy capital inflows by FIIs and dollar selling by exporters at around 62/dollar levels will add to gains, he adds. "However, strong month-end dollar demand from importers may cap gains.
The range for the day is seen between 61.05-62/dollar," Alpari said. Also Read - Industry sees 25 bps hike in policy rates on Oct 29: Survey The dollar wobbled after disappointing US jobs data cemented expectations that the Federal Reserve will keep its stimulus in place at least until early next year. And the euro rose intraday to as high as 1.379/dollar, its strongest level since mid-November 2011.
Source:- economictimes.indiatimes.com
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