Today Rupee opened at 62.25, with gap of 15 paisa, recorded last trade price on Wednesday at 61.10. Today Rupee was weak against Dollar in morning session, on account of Fed tapering news.
Above chart describe USDINR daily moment on 19th Dec 2013.As we can see from chart, Rupee open above Pivot point and cross resistance before noon session.
The U.S Central Bank said, reduce in monthly asset purchases by $10 billion and mortgage and Treasury bonds would be reduce by $5 billion each, starting in January. The Interest rate will remain in lower side even longer them promised. The improving economy condition and Job market are major reason for tapering by Fed.Indian Forex market had discounted tapering news last week so we did not see high volatility post news. Today Rupee later depreciates till 62.47 and cross today opening price at 62.24. However, Rupee gets support from Government due to no change in Interest rate. We expect Rupee may be in the range of 63.50 -64 at the end of Dec month.