Photo used for illustrative purpose.
The Indian rupee will trade between Rs 79.50-Rs 80.50 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 Rs79.92 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 Rs79.25 will trigger short covering for rupee.
Meanwhile the Indian rupee slightly weakened against the US dollar last Wednesday, falling below Rs 79.65.
The rupee movement against the dollar will be triggered by the inflation numbers of the US which are expected to be out later on Wednesday.
“Rupee traded with minor losses falling below 79.65 as the dollar index traded positive above $108 rupee range can be seen between 79.25-79.75,” said Jateen Trivedi, Vice President, Research Analyst, LKP Securities.
Trivedi said the crude price falling below $100 can be a positive trigger for rupee, but inflation numbers in the evening from the US shall give a major trigger to rupee movement against the dollar.