''As seen on the daily chart of USD INR, the counter has bounced sharply from the resistance near the 61.12 mark. It is likely that the counter will head further downwards where 61.38 is an important support. On the upside, 61.89 will act as a crucial resistance,'' said Swastika Investmart.

''We expect the rupee to trade on a neutral to negative note against the dollar due to upbeat global markets and less positive than expected building permits data from US along with weaker dollar index, close to the 85 mark. However, corrections in the domestic market may cap sharp gains in the rupee,'' it added.

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