Rupee appreciates against the US dollar

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NEW DELHI: The rupee appreciated 6 paise to 68.50 against the US dollar in early trade on Thursday ahead of the Rail Budget, which will be presented by the Rail minister Suresh Prabhu later in the day.

The domestic currency had inched up 3 paise to settle at 68.56 on Wednesday on fag-end selling of dollar by banks and exporters.

“The rupee has remained range-bound, despite the pressure in equity indices, as the currency remained near 68.50, which is midway between its nearest resistance at 67.90 and support at 69.10, said Siddhartha Khemka, Head – Research, Centrum Wealth.

There is a lot of consolidation happening in the dollar-rupee exchange rate at around 68.69 believes Bhaskar Panda, Treasury Advisory, HDFC Bank.

“If the rupee breaks 68.69 or something like that on the upper band, obviously the next target will be 69.12 on the monthly charts or 69.08 on the weekly charts. There is some resistance around 68.85 the high that we had seen in 2013,” he said.

Meanwhile, the dollar index, which tracks the movement of dollar against a basket of six major world currencies, rose 0.04 per cent to 97.49.

Asian currencies such as the Taiwanese dollar and the Malaysian ringgit were trading up to 0.78 per cent higher in trade. Yuan was steady at 6.53 against the greenback.