The Indian rupee will trade between Rs 79.50-Rs 80.50 against the US dollar next week, a senior official of LKP Securities said on Friday.
On Friday during the early trade, the Indian rupee gained seven paise to touch Rs 79.92 for a dollar.
According to Jateen Trivedi, Vice President, and Research Analyst at LKP Securities, the rupee range can be seen between 79.50-80.50 for the coming week.
"Rupee traded in a range between 79.80 and 79.98. As the dollar index is traded in a range, broadly the trend for dollar is positive till the time it is above $105... next hurdle for a dollar can be seen around $110, hence rupee can be seen as weak... the trend continues towards 80.50," Trivedi said.
He said the Rs 79.25 mark will act as resistance for the rupee and a break above Rs 79.25 will trigger short covering for the rupee.