Rupee opens at 58.10, depreciates 31 paise against dollar

Mumbai: Indian rupee opened at 58.10 per dollar on Thursday, down by 31 paise compared to previous day's closing of 57.79 per dollar. Claudio Piron of Bank of America Merrill Lynch feels the rupee could stabilise at a higher range. "While there is no doubt about issues facing the rupee, a move above 60/USD would be overdone."

He says the RBI forex policy comfort zone would be to try and establish rupee in a 54-58/USD range.

"Our year-end target for the rupee stands at 57/USD," he adds.