Rupee off highs; selling around 54.87 levels

 

The rupee is off highs, now broadly trading flat on the day. The pair is at 54.86/87, after touching a low of 54.76. It closed at 54.87/88 on Thursday.

State-run bank dealer says weaker euro and domestic stocks hurting the rupee.

"There has been some selling at 54.87-88 levels. The next support for the rupee is at 54.95."

The market is also unlikely to take big positions ahead of US non-farm payrolls later in the day.

Technical charts show next key resistance at 55.15, the March 4 high and the important 76.4% retracement on the decline from 55.89 (November 26) to 52.87 (February 6).