Rupee opens higher tracking euro's gains against dollar

The rupee opened higher, tracking the euro's gains versus global dollar. The pair is at 54.83/85, compared with its last close of 54.87/88.

Dealers expect the rupee to remain bearish in the near term on political as well as current account deficit concerns.

The domestic stock markets have seen two sessions of big falls, raising concerns about pullout by foreign funds.

Technical charts show the next key resistance at 55.15, the March 4 high, and the important 76.4 per cent retracement on the 55.89-52.87 decline.

However, 54.95-55 should cap the pair ahead of the US non-farm payroll data.

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