Rupee has support near 51/50.80: Emkay.

''USDINR would most probably fall towards 51.20. Support is near 51/50.80. It has to rise above 52.30 to hint at the possibility of rising further to 52.80,'' said Emkay Global Financial Services. It further said the following:

Indian rupee rose to its five and half month high on Thursday as government looked all geared up with more fiscal and economic reforms.

Government approved FDI of 49% in Insurance companies and 26% in pensions sector. This sparked the rally in almost all the INR currency pair.

We expect Indian Rupee to be strong today as new government reforms will strengthen the Indian currency further.

Source : myiris.com