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Saturday, April 13 2024
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‘Rupee may tank Rs 80 mark against Dollar next week’

Rupee may tank Rs 80 mark against US next week
Photo Credit : IANS

Chennai:  The Indian rupee will trade around the Rs 80 mark against the US dollar next week, a senior official of LKP Securities said on Friday. On Friday during the early trade, the Indian rupee gained seven paise to touch Rs 79.92 for a dollar.

According to Jateen Trivedi, Vice President, Research Analyst at LKP Securities, the rupee range can be seen between 79.50-80.50 for the coming week.

“Rupee traded in a range between 79.80 and 79.98. As dollar index traded in a range, broadly the trend for dollar is positive till the time it is above $105… next hurdle for dollar can be seen around $110, hence rupee can be seen weak… the trend continues towards 80.50,” Trivedi said.

He said the Rs 79.25 mark will act as resistance for rupee and break above Rs 79.25 will trigger short covering for rupee.

Read more:

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Rupee hits all-time low against US dollar, may fall more

Rising dollar strength drags down India’s foreign reserve

US dollar retreats on global flight for safe haven

US dollar rises amid economic data

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