Rupee/$ 52+; intervention fears grow

Indian rupee rate against US dollar rose above 52,which is a new three-month low.

Written by Agencies | Published:April 20, 2012 10:33 am

Indian rupee rate against US dollar rose above 52,a new three-month low though traders have not yet seen clear signs of intervention.

The cross is testing resistance at 52.12,the 61.8 percent retracement of the December-February falls,with a convincing and sustained breach opening up the next resistance level at 52.95-00,the 76.4 percent retracement.

Traders have been warning USD/INR is at risk of testing its mid-December record highs of 54.30,given the slew of domestic negatives and global economic woes.

USD/INR was last trading at 52.09/10 to the dollar after hitting a new three month low of 52.20 in opening trade. It closed at 52.14/15 on Thursday.

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