| Date: |
23-08-2012 |
| Subject: |
Rupee has support near 55.31/55.26: Emkay |
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``USD/INR would most probably rise towards 55.65; supports are near 55.31/55.26. It has to fall below 54.84 to hint at the possibility of falling further to 54.32/53.90,`` said Emkay Global Financial Services. It further said the following:
The Indian rupee rose marginally on Wednesday nationwide bank strike affected volumes, but small dollar sales from some foreign banks and a steady euro help the local unit notch up some gains.
Bank transactions and some market operations were hit after about one million bank employees began a two-day strike to protest against reforms that will give investors more clout in the tightly controlled sector.
In the currency futures market, the most-traded near-month dollar/rupee contracts on the National Stock Exchange, the MCX-SX and the United Stock Exchange were around 55.50, at a total traded volume of USD 3.8 billion.
Source : myiris.com
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