Spot USDINR has support at 54.65; resistance at 54.95: IIFL

IIFL has come out with its technical & fundamental view on currencies. According to the research firm, USDINR Spot prices have support at 54.65 and resistance at 54.95.

Technical View

USD-INR SPOT RATE

• Prices have support at 54.65 and resistance at 54.95 NSE USD-INR FUTURE
• Prices have support at 54.85 and resistance at 55.15
• EUR-USD (1.3244): Prices have support at 1.32 and resistance at 1.3359.
• US Dollar Index (79.65): Prices have support at 79.25 and resistance level at 79.80

INR Currency Future view

• EUR-INR (Close: 72.55): Prices have support at 72.45 and resistance at 72.75.
• GBP-INR (Close: 88.45): Prices have support at 88 and resistance at 89
• JPY-INR (Close: 63.40): Prices have support at 62.40 and resistance at 64

Fundamental View

USD-INR

• Dollar/rupee opens near one-week low Thursday amid expectations of more stimulus from Japan and tracking gains in euro
• Fall in the currency pair could however be restricted on concerns over US fiscal cliff as lawmakers meet today to fix a deal and on month-end demand for dollars from oil importers
• Dollar/rupee fluctuated in afternoon trades Thursday on month-end demand from oil importers amid custodian banks selling and overseas inflows

Cross-currencies

• Euro/dollar rose to near one-week high Thursday on optimism over a deal on US fiscal cliff as US lawmakers meet later today to possibly negotiate a deal before the end of the year
• Japan's new finance minister on Thursday urged the Bank of Japan to show a greater sense of urgency in dealing with deflation, saying that it is sapping vitality from the country's corporate sector and that it could eventually jeopardize the government's finances.

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

To read the full report click on the attachment

Read More