Indian rupee has support at 54.20 in spot: IIFL - Moneycontrol.com

IIFL has come out with its report on currency. The research firm says USDINR spot has support at 54.20 and resistance at 54.54. Dollar/rupee opened up Wednesday tracking a fall in euro after factory orders in the world's largest economy beat estimates. Current account deficit in the three months ended Dec 31 stood surged to 6.7percent from 5.4percent in the previous quarter. Domestic sentiments soured after a private survey showed that the Indian services sector grew at the slowest pace in 17‐months as new business growth eased. Meanwhile, European shares fell as investors turned cautious ahead of key global central banks' meetings and key employment data from United States, which may shape the Federal Reserve's stance on quantitative easing. Other central banks including Bank of Japan and European Central Bank will hold meetings later this week, which may determine the global liquidity scenario. Technical View USDINR spot rate: Prices have support at 54.20 and resistance at 54.54  NSE USDINR Future Prices have support at 54.45 and resistance at 54.84 EURUSD (1.2846): Prices have support at 1.2780 and resistance at 1.29. US Dollar Index (82.73): Prices have support at 82.14 and resistance level at 83.30. Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNEznAMi8sSL4T1FnhL64_-MMYMp5g&url=http://www.moneycontrol.com/news/brokerage-recos-currencies/indian-rupee-has-support-at-5420spot-iifl_846711.html

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