| Date: |
04-09-2012 |
| Subject: |
Rupee has resistances near 55.75/55.90: Emkay |
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``USDINR would most probably fall towards 55.40. Resistances are near 55.75/55.90. It has to rise above 56.10 to hint at the possibility of strengthening further to 56.60,`` said Emkay Global Financial Services. It further said the following:
The Indian rupee was little changed on Monday as weak local shares offset the positive sentiment after a government advisory panel proposed rescheduling the implementation of a controversial set of rules on tax avoidance until 2016.
The rupee rose to its highest in more than a week in opening trades on the back of the GAAR adjournment proposal. However, shares gave up gains to close weaker on the day, dragging the rupee off its peak.
Rupee expected to be strong against dollar today on the news by finance minister P. Chidambaram about Indian economy to meet its 2012/13 tax collection target despite slowing economy.
Source : myiris.com
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