Indian rupee opened lower at 62.40 against US dollar

Indian rupee opened lower at 62.40 against US dollar on Tuesday versus previous day’s closing value of 62.32 per dollar.

According to Ashok Gautam of Axis Bank, “The broad range for the dollar-rupee remains at 63.50-60.90/dollar. “If the pair comfortably stays above 62.55-60/dollar levels in coming sessions, we could see it moving further up towards 63.50/dollar in the near future,” he added.

“If the pair fails to breach 62.55-60/dollar resistance levels it might move towards 61.75-80/dollar support levels,” he said.

Disappointing US economic data weighs on the dollar and the yen has strengthened to 104/dollar.