| Date: |
03-09-2012 |
| Subject: |
Rupee has resistances near 55.90/56.10: Emkay |
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``USDINR would most probably fall towards 55.30. Resistances are near 55.90/56.10. It has to rise above 56.10 to hint at the possibility of strengthen further to 56.60,`` said Emkay Global Financial Services. It further said the following:
The Indian rupee rebounded from session lows to gain for the day after the economy grew more strongly-than-expected in the April-June quarter, while a late surge in the euro ahead of a speech from Federal Reserve Chairman Ben Bernanke also helped.
India said on Friday gross domestic product grew 5.5% in the previous quarter, slightly better than 5.3% expected by analysts, signaling the worst may be over for the economy.
Indian rupee also benefited by a stronger Euro over dollar. As speech by Bernanke which said that US unemployment is a ``grave concern`` increased the hopes for further stimulus and lowering the dollar.
Source : myiris.com
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