Forex: USD/INR lower as rupee tracks Sensex

27/12/2011 01:02 AST

The Indian rupee rose against the U.S. dollar Monday, ending at 52.71 from 52.96 late Friday, after ranging between 52.65/52.96.

Rupee strength was largely tracking local equities in the midst of thin liquidity with major currency markets closed for the Christmas holiday; the Bombay Stock Exchange's Sensitive Index climbed 1.47% to end at 15,970.75.

Market participants are keeping a close eye on developments in Europe as the euro-zone debt crisis is far from over. Also, India's wide current-account deficit poses new challenges to the rupee in the year ahead. Last at 52.70, to the upside, next USD/INR resistance lies at 52.84 and 52.97, with support at 52.57 and 52.44.


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