Rupee has support at 48.30-48.40/$: Commtrendz

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According to Commtrendz Research's report on Indian Rupee, immediate supports are at 48.30/48.40 followed by 47.90/48. Immediate resistance
falls around 48.9/49 followed by 49.40/49.50 levels.

Commtrendz Research has come out with its report on Indian Rupee MCX-SX futures, "The MCX -SX USDINR July futures opened stronger to its previous close at 48.65. BSE Sensex opened at 14326, 75 points higher from its previous close. Rupee appreciated marginally by 7 paise at 48.59 in opening trade on Friday on expectations of more capital inflows by foreign funds. The demand for dollar from state-run banks and oil importers, capped rupee's gains to some extent. Indian equities remained firm maintaining early morning gains as sentiments turned bullish after positive earnings report from the US markets and hopes of disinvestments in government owned companies. A few headwinds are yet to be conquered like the sluggish consumer spending in matured economies and high unemployment. India's fiscal deficit and its attendant fallout on inflation and interest rate are the main worry."

"Active MCX-SX INR July'09 futures closed at 48.75. Immediate supports are now around 48.40/48.50 followed by 48.1/48.20. Immediate resistance falls around 49/49.10 followed by 49.40/49.50 levels. The MCX-SX INR July'09 Rupee futures registered an open interest of 278615 for the session. It registered a decrease in volume by 17.66 % over its earlier session."

"INR SPOT: Immediate supports are at 48.30/48.40 followed by 47.90/48. Immediate resistance falls around 48.9/49 followed by 49.40/49.50 levels."

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