| Date: |
07-11-2011 |
| Subject: |
Forex: Rupee Stronger on EU woes |
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FXstreet.com (California) - The Indian rupee rose against the U.S. dollar for the third straight session on Friday, with USD/INR closing the session at 48.99, 15 pips below its opening price after falling 10.7 percent from its peak in July.
"The settlement happening in the European Union may help currencies including the Indian rupee to gain compared to the dollar, luring the trading funds from the Western markets to look at India once again afresh," comments Deven Choksey, CEO and managing director of brokerage K R Choksey.
USD/INR is virtually unmoved in Asia, last at 49.00, down from an earlier high of 49.10. To the downside, support lies at 48.79 (27 Sept low) while, to the upside, resistance lies at 49.28 (Friday’s high.
Source : fxstreet.com
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