Rupee opened positively but relinquished its gains in the afternoon as strong selling from FII's, especially in the financial sector, led to profit booking across the broader market. The rupee reached a high of 83.06 but later dropped to 83.17, resulting in a range-bound session. Crude prices offered some support to the rupee as profit booking followed yesterday's rise. However, the dollar index holding at 103$ continued to exert pressure on the rupee. The broad range for the rupee is anticipated between 82.70-82.80 as resistance and 83.25-83.40 as support.
Rupee opened positively but relinquished its gains in the afternoon as strong selling from FII's, especially in the financial sector, led to profit booking across the broader market. The rupee reached a high of 83.06 but later dropped to 83.17, resulting in a range-bound session. Crude prices offered some support to the rupee as profit booking followed yesterday's rise. However, the dollar index holding at 103$ continued to exert pressure on the rupee. The broad range for the rupee is anticipated between 82.70-82.80 as resistance and 83.25-83.40 as support.