Supports for rupee around 46.40/46.30: Commtrendz

Commtrendz Research has come out with its rupee report. According to research firm immediate supports for rupee are around 46.40/46.30 followed by 46.00/45.90.

Commtrendz Research report on rupee:

Opening Trade: The MCX -SX December Rupee futures opened at 46.68. The BSE Sensex opened at 16645, 209.3 points down from its previous close. The Indian rupee fell on Friday, tracking weaker Asian markets and Dubai's rattling revelation of its debt repayment. The MSCI index of Asian stocks ex-Japan was down 2.29 percent while the Nifty India stock futures traded in Singapore were 1.3 percent lower. However, the dollar's weakness against some other international currencies capped rupee's losses. The Japanese currency briefly touched 84.41 yen, the lowest since mid-1995, before bouncing back to 86.05 yen. 

Afternoon Trade: The MCX-SX December Rupee futures were trading weaker at 47.02 by 2.30 pm whereas the BSE Sensex was trading at 16538, 318 points lower from its opening. The Indian rupee dropped further to touch 47.00 due to demand for dollar from oil companies. Asian stocks slumped on Friday as the Dubai-debt shockwaves hit the region, shaking banking shares and pushing yen to a fresh 14-year high against struggling dollar as investors were seen winding up risky trades. India's infrastructure sector output grew 3.5 percent in October from a year earlier, slower than upwardly revised annual growth of 4.1 percent in September, government data 

Closing Trade: The MCX-SX December Rupee futures were trading stronger at 46.79 by 3.45 pm. The BSE Sensex was at 16633, down by 223 points.

INR SPOT: Immediate supports are around 46.40/46.30 followed by 46.00/45.90. Immediate resistance falls around 46.90/47.00 followed by 47.30/47.40 levels.

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