Support for rupee around 46.20/46.10: Commtrendz

Commtrendz Research has come out its rupee report. According to research firm immediate supports for rupee are around 46.20/46.10 followed by 45.80/45.70.

Commtrendz Research report

Opening Trade: The MCX -SX December Rupee futures opened at 46.33. The BSE Sensex opened at 17192, 15 points down from its previous close. It was the last day of trading for Indian Rupee November futures. The Indian rupee rose to its highest in more than a week on Thursday, due the dollars weakness overseas. The dollar fell to its lowest in 14 years versus the yen, breaking below 87.00 yen, which led to a 15-month low on the dollar index.

Afternoon Trade: The MCX-SX December Rupee futures were at 46.41 by 1.30 pm whereas the BSE Sensex was trading at 17112, 88 points lower from its opening. India's food price index was up 15.58 per cent in the 12 months to November 14, while the fuel index was down 1.51 per cent.  The worst dry spell in nearly four decades and floods in parts of the country have hurt farm output and pushed up food prices. India's annual wholesale inflation rose 1.34 per cent in October from a year earlier, compared with 0.5per cent in September and 11.06 per cent a year ago. 

Closing Trade: The MCX-SX December Rupee futures were trading at 46.48 by 3.40 pm. The BSE  Sensex 16854, down by 345 points. 

INR SPOT: Immediate supports are around 46.20/46.10 followed by 45.80/45.70. Immediate resistance falls around 46.70/46.80 followed by 47.10/47.20 levels.

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