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MUMBAI (Commoditiescontrol) - Since June 4th rupee depreciated by about 80 paise and settled the week at 69.80 against the dollar.
Resistance is seen at 70.05 and above to rest 70.50 going forward.
Support I seen 69.5-69.35 and unlikely to appreciate further.
Rupee may weaken well above 70 in the near term on widening trade deficit, attack on crude oil tankers which may result in increase in crude oil prices. But on the comfort side is record forex reserves with RBI may not result in rupee depreciation beyond 71 going forward.
(By Commoditiescontrol Bureau)
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