Upside in rupee likely to be limited: Fortune Financial
Fortune Financial Services has come out with its report on currency. According to the research firm, the upside in the rupee may be limited due to demand for US dollars from crude oil importers at lower levels of the greenback. The rupee is expected to move in the range of 55.00-55.35 a dollar intraday.
September 13, 2012 / 12:45 IST
Fortune Financial Services has come out with its report on currency. According to the research firm, the upside in the rupee may be limited due to demand for US dollars from crude oil importers at lower levels of the greenback. The rupee is expected to move in the range of 55.00-55.35 a dollar intraday.
The rupee held on to its gains against the US dollar as the euro rose after Germany's federal constitutional court upheld the legality of the European Stability Mechanism, paving the way for the country to participate in the permanent bailout fund for the Eurozone. The move improved global risk appetite, which boosted riskier currencies. Market is now awaiting the outcome of the US Federal Reserve's two-day meeting that starts today. Investors expect the US central bank to announce further quantitative easing as recent economic data from the country has been weak. Strength in local equities also supported the rupee. The upside in the rupee may be limited due to demand for US dollars from crude oil importers at lower levels of the greenback. The rupee is expected to move in the range of 55.0000-55.3500 a dollar intraday. Technical Outlook USD/INR future contract on MCX are looking negative for intraday. Market may find support near 55.190, 55.080 and 54.950. Intraday resistance can be seen near 55.430, 55.560 and 55.670. Short term trend is looking bearish Market may find major levels near 10 SMA of 55.7022 and 50 Days SMA of 55.960.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 
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