Drop in Rupee After 3 Sessions of Gains

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December 7, 2012 4:14 PM EST

Rupee fell after three sessions of gains. The pair was at 54.29/30 versus 54.1350/1450 close on Thursday.

The euro languished at one-week lows against the dollar on Friday, having suffered a major setback after the European Central Bank painted a bleak outlook for the euro zone and discussed cutting interest rates.

Pair, however, may see gains later in the session with the government set to win the retail FDI vote in the upper house after a key ally pledged support. The government is now likely to push legislation such as banking law amendment and the companies bill which will further push reforms and are rupee positive.

Pair has major support at 54.00-54.20 levels while a clear break below 54 should inject more downside momentum opening up move to 53.60, technical charts showed.

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Copyright 2012 Thomson Reuters. All rights reserved.

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