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S&P affirms negative outlook on India, says chances of downgrade remain
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Rupee falls to near one-month low
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An employee uses checks currency note at a cash counter inside a bank in Mumbai June 21, 2010.
Credit: Reuters/Rupak de Chowdhuri/Files
Reuters Market Eye - The rupee edges down to 53.94/95 versus its Monday's close of 53.8450/8550 but key resistance met at 54.01 levels, prompting some pullback. 54.01 is the strongest since January 18.
USD/INR testing major resistance at 53.90-54.05, which has been a rebound high for 7 trading days between January 21-29 and a 38.2 percent retracement of the 55.89 (26th Nov) and 52.87 (5th Feb) decline.
Dealers say dollar demand seen from gold and oil importers.
Factory output at 11 a.m. eyed for immediate cues. Resistance expected to hold until the data with further gains towards 54.25 likely if data disappoints and pair holding above 53.85 levels until then.
(Reporting by Swati Bhat)
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