Rupee has support near 55.31/55.26: Emkay.

``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 strengthened to its highest level in two weeks on Thursday as part of a shift into global risk assets, but broader gains were capped as local shares retreated late in the session.

Rupee benefitted as the dollar was broadly under pressure, sending the euro to a seven-week high, after minutes from the U.S. Federal Reserve`s latest meeting signaling a move towards more monetary stimulus measures.

Rupee could face some pressures in the near-term, as oil refiners, the largest buyers of dollars in the domestic currency market, could start buying dollars to cover for their imports towards the end of the month.

Source : myiris.com