| Date: |
29-01-2013 |
| Subject: |
Rupee to stay strong on expectations of rate cut: Emkay |
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Indian rupee dropped on Monday due to continued dollar demand from oil firms and other importers to meet their month end payment obligations. It was also pressured by all other Asian currencies which weakened against the dollar.
"USDINR prices have been holding below 200-Day EMA of 54.09 levels. For the prices could retest 54.09 levels on upper end and will continue its original declines towards 53.80 followed by 53.60 levels,'' said Emkay Global Financial Services.
''Rupee is likely to be strong as an expected rate cut by RBI in its policy meeting today would help boost sentiment and support the rupee,'' it said.
Source : myiris.com
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