Rupee has resistance at 46.95: Commtrendz

Commtrendz research has come out with its rupee report. According to research firm resistances for rupee at 46.95 followed by 47.15 now.

Commtrendz research on rupee:

The MCX -SX USDINR February futures rupee fell, completing its biggest weekly loss since July, as worsening public finances in Greece, Portugal and Spain prompted investors to seek safety in the dollar. The rupee fell for the fourth week, the longest losing streak in five months, as stocks and commodities slid worldwide. The rupee also dropped after a report showed US jobless claims unexpectedly rose last week, spurring concern that the recovery in the world's largest economy is faltering.

The Dow Jones industrial average closed up 10.05 points, at 10,012.23. The Standard & Poor's 500 Index ended up 3.08 points, at 1,066.19. The Nasdaq Composite Index gained 15.69 points, to close at 2,141.12. Stocks erased a midday drop to end slightly higher on Friday, amid mixed signals from the labor market data and growing anxiety over fiscal problems in Europe. Major indexes turned positive heading into the close. Earlier, the major indexes dropped more than 1 percent on the initial interpretation that January's payrolls data was another sign of a sluggish job market recovery, and concerns about the euro zone's sovereign debt problems persisted. U.S. employers unexpectedly cut 20,000 jobs in January, but the unemployment rate dropped to a five-month low of 9.7 percent, the Labor Department reported. Materials stocks also rebounded after falling throughout most of the day. European policy-makers scrambled to reassure markets about the stability of the 16-nation currency bloc, and Portugal backed a law that may push its swollen deficit higher.

The MCX -SX USDINR February futures rupee opened at 46.74 following an early fall in the share market. The Indian Rupee was trading at 46.73 by 9.55am after a slight recovery to the local equity markets and BSE Sensex was at 15923 up by 7 points.

Strategy: Resistances are at 46.95 followed by 47.15 now. Dips could be cushioned near 46.64/55 or maximum 46.45.