Indian rupee is trading slightly higher in early trade on Wednesday against the US dollar. Rupee opened marginally up by 2 paise or 0.03% against US dollar at Rs 62.75 compared to previous close of 62.77. Emkay Global expects Indian Rupee to weaken further as uncertainty surrounding US debt ceiling issue and weaker local markets can weaken INR further. ''However, recent relaxing of credit norms by RBI can support the rupee though keeping the pair in a range. Spot USDINR has witnessed strong support levels at 62.44-62.40 levels and had bounced from those levels to settle at 62.96 levels on Tuesday. At the same time price has been holding well below 63.00 levels. Price needs to clear 63 to attract any buying interest. Failure of which can put prices under pressure again, targeting 62.45 levels. Above 63 we have 63.40 to act as resistance.'' ICICIdirect expects the US dollar to garner buying support on declines against the INR. ''Utilize the lows in the USD/INR September contract to buy above 62.70-62.74 with 62.94/63.05 and a stop loss of 62.60. In the currency futures market, the most traded dollar-rupee September contract on the NSE closed at 63.04 on Tuesday. The September contract open interest was down 15.40% from the previous day. The October contract open interest was up 23.50% from the previous day.'' Way2wealth Securities said, ''The pair didn't fall much as others did in its first half of yesterday's session. On the lower side62.55now becomes a very crucial support and till that is not broken we may see the bounce continuing on the upside. The 38.2% retrenchment level is what we are looking for i.e. till 64.58. Hence, the medium term traders can continue to hold to their long positions, whereas, the short term traders caninitiate longs near 62.90 for the target of 63.42 and 63.80 with a stop loss of 62.55. The daily MACD however is into sell mode.''

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