Share market updates

The Indian rupee depreciated further against the US dollar on Friday with the USDINR Feb future contract reached 46.00 marks. In the interbank market, the spot USDINR reached 45.80 to close at 45.7475.

Symbol	Expiry	Open	High	Low	Close	Chg	% Chg	Volume	O.I.
USDINR	24-Feb-2011	45.8800	46.0650	45.8800	45.9925	0.1900	0.4148	3,501,120	677,620
EURINR	24-Feb-2011	62.7400	63.0875	62.7400	63.0500	0.1950	0.3102	99,803	41,189
GBPINR	24-Feb-2011	72.8000	73.0475	72.8000	72.9200	-0.0425	-0.0582	18,885	17,017
JPYINR	24-Feb-2011	55.4425	55.6500	55.4425	55.5500	0.2800	0.5066	13,088	10,080

The rupee depreciation has been attributed by rising current account deficit along with liquidation of foreign funds from the local stock market. Global funds sold $755 million more Indian equities than they bought this year through Jan. 25, exchange data show. Reserve Bank of India said on Jan. 25 that the current-account shortfall will equal 3.5 percent of gross domestic product in the fiscal year through March while the market participants expects the figure to be around 4% of GDP.

In cross pairs, the EURINR Feb contract closed up 19 paisa on gains in the EURUSD along with USDINR advances. It settled at 63.05, after posting a high of 63.08. The GBPINR closed almost flat, down by 4 paisa at 72.92.The Yen advanced against the Indian after falling on Thursday due to rating downgrade by the S&P. The Feb JPYINR contract closed at 55.55, up 28 paisa.

In the global market, the US dollar is witnessing safe haven buying following Egypt crisis. The euro fell as low as $1.3571 against the US dollar, having fallen about 0.2 percent from a New York close of $1.3608 on Friday, extending its decline further from a two-month high of $1.3760 marked last week.

USDINR Feb: The market is expected to take resistance at 46.25 levels and above that buying can be seen toward 46.35-46.40 levels. The support is seen at 46.02-46.05 levels. Buying at the support is ideal for the day.

EURINR Feb: The pair is expected to take resistance at 62.95-63.00 mark, below which upside should be limited. The opening suggests lower moves with support at 62.53 levels.

GBPINR Feb: The pair is expected to trade sideways for the session. The market is expected to see resistance at 73.21 levels and above that may see momentum buying. Support is seen at 72.98 and then 72.85.