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Dec 07, 2012, 02.22 PM IST | Source: Moneycontrol.com

USDINR Spot has resistance at 54.25; support at 53.65: IIFL

IIFL has come out with its technical & fundamental view on currencies. According to the research firm, USDINR Spot prices have support at 53.65 and resistance at 54.25.

IIFL has come out with its technical & fundamental view on currencies. According to the research firm, USDINR Spot prices have support at 53.65 and resistance at 54.25.

Fundamental View

USD-INR

Dollar/rupee opened down Thursday after government won the crucial vote in favour of allowing foreign direct investment in multi-brand retail in the Lok Sabha amid hopes of a fiscal cliff deal

The government managed to win 254 votes while 218 members of the parliament voted against allowing foreign direct investment.

Dollar/rupee traded at day's low in afternoon trades Thursday on exporters selling and domestic equities pared their losses

Dollar/rupee falls to one-month low tracking gains in domestic equities after Bahujan Samajwadi Party chief Mayawati said her party will support the government in Rajya Sabha over foreign direct investment in multi-brand retail vote which increased expectations that reforms will be passed

Cross-currencies

Euro/dollar traded higher Thursday after eurozone Q3 GDP was in-line with expectations but gains in euro were capped as investors turn their attention to ECB's monetary policy later today

Euro was stable against the dollar, as investors mulled the latest developments in the U.S. budget negotiations ahead of interest rate announcements by the European Central Bank and the Bank of England

The yen slid against the dollar and the euro as investors raised their expectations that the Bank of Japan will ease monetary policy in the coming months.

Technical View

USD-INR SPOT RATE: Prices have support at 53.65 and resistance at 54.25

NSE USD-INR FUTURE: Prices have support at 53.85 and resistance at 54.45

EUR-USD (1.2968): Prices have support at 1.2864 and resistance at 1.3020.

US Dollar Index (80.24): Prices have support at 80 and resistance level at 80.50

INR Currency Future view

EUR-INR (Close: 70.20): Prices have support at 69.70 and resistance at 70.50.

GBP-INR (Close: 86.85): Prices have support at 86.35 and resistance at 87.30

JPY-INR (Close: 65.64): Prices have support at 65 and resistance at 65.80

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