Rupee opened marginally higher at 61.38 against 61.45.
Rupee opened appreciated today as domestic as well as Asian markets gained. All of the major Asian stock markets are trading positive on the expectation of further investment by Japan pension investment fund and better than expected U.S. GDP.
Yesterday U.S. Bureau of Economic Analysis released Advance GDP data which came better than forecast at 3.5%. Improving U.S. economy strengthened dollar against its major peers pushing it towards its three year high.
Today India will release fiscal deficit data for September. Drop in oil prices likely to help government to narrow the fiscal deficit that may support rupee. Next week India will also release Manufacturing and Service PMI data.
Increasing investment of FII and governments reforms may further support rupee. Month end oil importers buying may depreciate rupee today but the currency is expected to trade in the range of 60.90 to 61.90/62. Above the resistance of 61.90 we may see further depreciation to 62.50.