Indian Rupee has support at 54.30 in spot: IIFL

IIFL has come out with its fundamental and technical view on currencies. According to the research firm USD-INR SPOT prices have support at 54.30 and resistance at 54.55.

Fundamental View
USD-INR

• Dollar/rupee opened down Friday tracking gains in euro and on expectations of inflows into domestic equities
• Dollar/rupee fluctuated in morning trades Friday on month-end demand from oil importers and on selling from foreign banks amid flows
• Dollar/rupee traded at day's high in afternoon trades Friday on demand for the greenback from oil importers and tracking a fall in domestic equities
• Euro was trading in a range ahead of US GDP and ECB policy next week and expectations of a rate cut have increased
• The US economy may have expanded 3 percent in the three months ended Mar 31 as against 0.4 percent in the previous quarter.

Cross-currencies

• Euro/dollar traded flat Friday on caution ahead of GDP data from the world's largest economy amid expectations of a rate cut by the European Central Bank as Europe's largest economy shows signs of continued weakness
• Bank of Japan Gov. Haruhiko Kuroda said board members Takahide Kiuchi and Takehiro Sato dissented on the view that the core consumer price index will likely rise around 2 percent toward the end of the central bank's new three-year projection period.

Technical View

• USD-INR SPOT RATE: Prices have support at 54.30 and resistance at 54.55
• NSE USD-INR FUTURE: Prices have support at 54.55 and resistance at 54.85
• EUR-USD (1.3047): Prices have support at 1.2780 and resistance at 1.3150.
• US Dollar Index (82.29): Prices have support at 82.20 and resistance level at 83.

INR Currency Future view

• EUR-INR (Close: 70.96): Prices have support at 70.60 and resistance at 71.60.
• GBP-INR (Close: 84.33): Prices have support at 83.60 and resistance at 85.
• JPY-INR (Close: 55.83): Prices have support at 55 and resistance at 56.30.

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