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Nov 22, 2012, 01.18 PM IST | Source: Moneycontrol.com

Rupee has support at 54.85; resistance at 55.25: IIFL

IIFL has come out with its technical & fundamental view on currencies. According to the research firm, USD-INR SPOT rate prices have support at 54.85 and resistance at 55.25.

IIFL has come out with its technical & fundamental view on currencies. According to the research firm, USD-INR SPOT rate prices have support at 54.85 and resistance at 55.25.

USD-INR

Dollar/rupee opened flat Wednesday on mixed global cues as US home building rose to a fouryear high and after US Federal Reserve Chairman Ben Bernanke said fiscal crisis in US could hurt growth

Dollar/rupee rose to a fresh nine-week high of Rs 55.40/$1 Wednesday tracking a fall in euro after euro-zone finance ministers failed to arrive at a solution for Greece's bailout amid demand for dollars from oil importers and nationalised banks

Dollar/rupee pared gains in late afternoon trades Wednesday on exporters and foreign banks selling and after euro pared some of its losses

Investors also remain cautious ahead of the winter session of the parliament starting where reform bills have to be cleared

Cross-currencies

Euro/dollar falls to a three-day low after eurozone finance ministers failed to arrive at a feasible solution for Greece's bailout and after US Federal Reserve Chairman Ben Bernanke said fiscal crisis in US could hurt growth

Bank of England policymakers considered expanding their bond-buying program at their meeting earlier this month before ultimately voting 8-1 to stay the course.

The Bank of Japan kept its assessment of the broader economy unchanged on Wednesday, but it weakened the tone on its economic outlook as the slowdown in overseas economies has started to affect domestic demand.

Technical View

USD-INR SPOT RATE: Prices have support at 54.85 and resistance at 55.25.

NSE USD-INR FUTURE: Prices have support at 54.85 and resistance at 55.25

EUR-USD (1.2846): Prices have support at 1.28 and resistance at 1.2870.

US Dollar Index (80.70): Prices have support at 80.60 and resistance level at 81.15

INR Currency Future view

EUR-INR (Close: 70.79): Prices have support at 70 and resistance at 71.75.

GBP-INR (Close: 87.93): Prices have support at 87.60 and resistance at 88.40.

JPY-INR (Close: 66.83): Prices have support at 66.70 and resistance at 67.20

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