Rupee Rises Versus USD Next Resistance Level 61.00

Reversing direction, the Indian rupee advanced against the US dollar in evening deals on Wednesday.

The rupee rose to 61.584 against the greenback, bouncing off from an early low of 62.01. The rupee is likely to challenge resistance around the 61.00 mark. The pair closed yesterday’s deals at 61.95.

via Kitco

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza