Indian rupee has strengthened on Friday against US dollar. Indian currency rose 12 paise or 0.19 percent against dollar to trade at 63.00. Rupee has witnessed a high of 63.00 and a low of 63.08. Its 52-week range was 58.34 - 63.89.
Commenting on the currency outlook, ICICIdirect expects the INR to garner buying support near 63.40 levels against the dollar. ''Utilize upsides in the USD/INR December contract to sell. Sell USD/INR December futures in the range of 63.25 - 63.35 with target 63.00 - 62.90.''
Meanwhile, Sushil Finance expects USDINR is likely to trade on the negative note on the back of profit booking after the sharp rally in the pair. Indian markets rallied on Thursday, with the rupee posting its biggest single-day gain in seven months and rebounding from a 13-month low, after the U.S. Federal Reserve said it would take a ''patient'' approach in deciding when to raise interest rates.
Disclaimer: IRIS has taken due care and caution in compilation of data for its web site. Information has been obtained by IRIS from sources which it considers reliable. However, IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.