Rupee has resistances near 55.735: Emkay.

``USD/INR would most probably fall towards 55.46. Resistance is near 55.735 followed by 55.94. It has to fall below 55.10 to hint at the possibility of falling further to 54.85,`` said Emkay Global Financial Services. It further said the following:

The Indian rupee ended flat on Thursday ahead of key economic growth data and a speech from Federal Reserve Governor Ben Bernanke, in what could be two events that break the recent range-bound trading in the local currency.

India is expected to post April-June quarter growth of 5.3% on Friday, the weakest in about three years which will be announced today at 1100 hrs.

Any growth below 5% could present a tough choice to Reserve Bank of India Governor Duvvuri Subbarao, who has been persistent in his warnings about inflation even at the cost of sacrificing some near-term growth.

Source : myiris.com