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Rupee off one-week lows; 53.60-65 solid resistance

Source : REUTERS
Last Updated: Tue, Feb 05, 2013 04:43 hrs
A man uses an electronic machine to check an Indian currency note in Siliguri

Rupee falls to a near 1-week low in initial trades. Rupee at 53.33/34 after falling to 53.50, vs 53.285/295 last close.

Foreign fund flows continue to be robust with provisional net buy of $160.92 million on Monday in equities.

Pair has initial resistance at 53.37-40 which capped the dollar rebounds last week but sturdier resistance at 53.60-65, a previous support base last week, now turned solid resistance.

Fitch Ratings says India government's commitments, policy moves "encouraging", but implementation remains key.

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