Support for rupee seen at 45.90/46: Commtrendz

Commtrendz Research has come out with its rupee report. According to research firm immediate supports for rupee seen around 45.90/46 followed by 45.60/45.70. Immediate resistance falls around 46.40/46.50 followed by 46.70/46.80 levels.

Commtrendz Research research report:

Opening Trade: The MCX -SX November Rupee futures opened at 45.25. The BSE Sensex opened at 17217, 36 points down from its previous close. The rupee continued to strengthen on    Wednesday, on rumors of exporters selling dollars and on expectations that the government will    not impose strong measures to limit capital inflows. The dollar fell to its lowest in seven weeks versus the yen on Wednesday. The dollar index against six major currencies was down about 0.2    percent. India's benchmark BSE share index is up more than three-quarters this year on foreign    portfolio buying of about $15.3 billion. India can absorb $100 billion of capital inflows, nearly    double what is expected this year, before it needs to take strong restrictive measures, C.    Rangarajan, chairman of the prime minister's Economic Advisory Council said.   

Afternoon Trade: The MCX-SX November Rupee futures were trading stronger at 46.27 by 1.45    pm whereas the BSE Sensex was trading at 17239,109 points higher from its opening. Asian stocks    rose to a one-week high and emerging market currencies gained on expectations for stronger    economic growth. Mining companies led the MSCI Asia Pacific Index up 0.9 percent to 117.80, the highest since Nov. 18. S & P 500 Index futures rose 0.4 percent.   

Closing Trade: The MCX-SX November Rupee futures were trading stronger at 46.23 by 3.40 pm. The BSE Sensex was at 17199, up by 68 points.

INR SPOT: Immediate supports are around 45.90/46 followed by 45.60/45.70. Immediate resistance falls around 46.40/46.50 followed by 46.70/46.80 levels.

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