Reuters Market Eye - The rupee is off the day's low of 54.18 and trading at 54.05/06 versus its previous close of 53.8050/8150 as dollar demand from a large iron ore miner seen earlier in the session fades.
Traders say there is also good resistance around 54.20 levels, a level from where the pair has bounced back in recent sessions.
Broad gains in the dollar versus major units, however, prevent a further fall in the pair. The dollar hit a two-month high against a basket of major currencies after job reports last week highlighted relatively solid U.S. economic fundamentals.
The Sensex is trading flat, fail to provide any clear direction on foreign fund flows.
Trending On Reuters
With the crucial GDP data scheduled to be announced along with key corporate results, volatility is expected to prevail in the upcoming week. Disappointment on these fronts may push the Nifty down to the 7,200-7,500 range. Once we witness stability and consolidation, investors should increase their exposure, says Ambareesh Baliga. Full article