USDINR has support at 54.30 in spot: IIFL

Written By Unknown on Selasa, 04 Desember 2012 | 14.02

IIFL has come out with its report on USDINR. According to the research firm, Dollar-rupee rebounded in early morning trades Monday on demand for dollars from oil importers and amid concerns over resolution of US fiscal cliff. USDINR spot prices have support at 54.30 and resistance at 54.84.


USDINR:

Dollar-rupee opened at three‐week low Monday on risk appetite as China's manufacturing PMI rose to a seven month high indicating a revival of growth in world's second largest economy. Dollar/rupee rebounded in early morning trades Monday on demand for dollars from oil importers and amid concerns over resolution of US fiscal cliff.  

Cross‐currencies:

Euro-dollar rose to over five‐week high Monday after German chancellor Angels Merkel said Germany may agree to write‐off Greece's debt as it prepares to buyback its bonds to make its debt sustainable. Euro/dollar also rose after manufacturing PMI from euro‐zone, Germany and Spain improved slightly. Bank of Japan Gov. Masaaki Shirakawa said Monday that central banks must have "a very long time horizon" in their policy management to achieve sustainable economic growth, while ensuring markets don't over react to expectations for monetary policy.

Technical View:

USDINR spot rate: Prices have support at 54.30 and resistance at 54.84

NSE USDINR future:Prices have support at 54.55 and resistance at 55

EURUSD (1.3050): Prices have support at 1.30 and resistance at 1.31.

US Dollar Index (79.89): Prices have support at 79.54 and resistance level at 80.06.

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