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Rupee may break Rs 80 mark against USD

He said the Rs 79.25 mark will act as resistance for rupee and break above Rs 79.25 will trigger short covering for rupee…reports Asian Lite News

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 Rs 79.92 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 Rs 79.25 will trigger short covering for rupee.

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Euro falls to parity with USD, hitting 20-year low

The euro continued to fall from Tuesday morning and traded at par with the U.S. dollar in a short-term in intraday trading…reports Asian Lite News

For the first time in two decades, the euro on Tuesday falls to parity with the U.S. dollar, meaning one U.S. dollar is equal in value to one euro.

The single currency of 19 European Union countries has not fallen to or below a one-to-one exchange rate with the U.S. dollar since December 2002.

The euro continued to fall from Tuesday morning and traded at par with the U.S. dollar in a short-term in intraday trading.

After reaching parity, the euro exchange rate picked up again slightly. As of 4:20 p.m. local time (1420 GMT), euro was trading for 1.005 dollars in the currency market.

The euro will continue to fall even after falling below par with the dollar, said Ebrahim Rahbari, global head of foreign exchange analysis at Citigroup.

Euro has slumped 10 percent against U.S. dollar since the start of the year, according to data from European Central Bank (ECB).

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