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USD/INR is expected to face stiff resistance around 54.30/50 levels: Anindya Banerjee

India Infoline News Service/ 17:28 , Oct 29, 2012

Market would keep a close watch on moves from the Central Bank, lowering of policy rates or announcement of OMO could adversely affect the Rupee over the medium term.

According to Anindya Banerjee, Currency Analyst, Kotak Securities, "USD.INR managed to cross the 54.00 bar as weakness in global equity markets and currencies prompt a short-covering push in USD. Technical structure in USD has been appealing ever since the spot crossed 53.15/20 levels, a few weeks back. Market would keep a close watch on  moves from the Central Bank, lowering of policy rates or announcement of OMO could adversely affect the Rupee over the medium term. USD/INR is expected to face stiff resistance around 54.30/50 levels and hence can trade within a range of 53.50 to 54.50 on spot for the medium term.”
 

 



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