| Date: |
30-08-2012 |
| Subject: |
Rupee has resistances near 55.735: Emkay |
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``USD/INR would most probably fall towards 55.46. Resistance is near 55.735 followed by 55.94. It has to fall below 55.10 to hint at the possibility of falling further to 54.85,`` said Emkay Global Financial Services. It further said the following:
The Indian rupee posted a slight gain on Wednesday, continuing its range-bound trading ahead of economic growth data on Friday, while end-of-month oil-related dollar buying was offset by corporate selling of dollar.
On Friday India will report April-June gross domestic product data, which is expected to show the economy remains in its deepest slump in nine years.
Pair likely to remain ranged ahead of GDP print Friday with oil-related dollar demand and corporate inflows watched.
Source : myiris.com
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