| Date: |
17-08-2012 |
| Subject: |
Rupee has resistances near 55.77/55.95: Emkay |
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``USD/INR would most probably fall towards 55.37. Resistances are near 55.77/55.95. It has to rise above 56.15 to hint at the possibility of rising further to 56.43/56.55,`` said Emkay Global Financial Services. It further said the following:
The Indian rupee fell to a two-week low on Thursday, aligning with a surge in the global dollar, with losses pruned by dollar selling by large corporates at higher levels.
Dealers said that a large petrochemical company and an engineering company sold USD 200-USD 250 million in the session, helping offset some losses.
``We expect the rupee to remain under pressure. Crude oil prices have moved up and there has been demand from oil companies. Inflation is lower but not at a level where RBI would be comfortable,`` said, Ashok Mittal, CEO Emkay Commotrade in an interview with Reuters.
Source : myiris.com
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