Rupee opens higher at 71.79 per dollar

Indian rupee

The Indian rupee opened higher by 11 paise at 71.79 per dollar on Monday versus Friday’s close 71.90.

Rupee is expected to trade around 71.80- 71.95 as the rise in dollar index’s to its highest in one-and-half years offset the decline in Brent crude prices.

US retail sales rose 0.9% in November, up from the revised 0.7% in the previous month and higher than the 0.4% expected by the markets, it added.

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Industrial Demand For Silver Rises, Prices May Rebound

buy-silverSilver prices may rebound from this level as demand for this metal rises in solar panel and mobile phone industry. It is highly used in televisions and aircrafts as well. On MCX it is currently trading near monthly support of Rs.38500 per kg. It is a strong support for silver as prices got bounced sharply several times from this level. 37800 is also a strong support below this level. On COMEX also it is sustaining above psychological level of $16 a troy ounce.

For today’s evening trade one should go for buy above 38750 with the stop loss below 38470 for the target of 38950 and 39150.

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