Rupee rises for third day; 54.50 strong support
Reuters Market Eye - Rupee extends gains for a third session, pair at 54.75/77 versus 54.8350/8450 close on Wednesday.
Dealers say strong capital inflows continue to support the rupee with inflows into stocks having topped $24 billion so far in 2012, with over $4 billion in December alone.
Month-end oil related dollar demand may offer some support to pair, dealers say.
Pair has immediate support at 54.65, which offered good resistance on way up, followed by stronger support at 54.50.
- Tweet this
- Share this
- Digg this
- Obama signs order expanding U.S. Afghanistan role - NY Times
- China building South China Sea island big enough for airstrip - report
- Obama to be chief guest at Republic Day celebrations
- Long "to do" list for Modi as clock ticks on reform
- Pakistani family sentenced to death over "honour killing" outside court
Prime Minister Narendra Modi has a long list of pro-growth measures to implement over the next four months, but time may have already run out to breathe enough life into the economy to meet the tough 2014/15 fiscal deficit target without cuts. Article