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Rupee near day's low; resistance at 53.51
Agam Gupta, MD- Head of FXRC Trading - India at Standard Chartered told NDTV Profit that a mismatch in demand-supply has led to the rupee reaching the 54 per dollar level.
03 May 2012, 04:08 PM IST 
TEPCO's power plant in Kawasaki, south of Tokyo.
The rupee fell to intraday low of 53.44 as worries mount about India's fiscal and economic challenges, as well as continued uncertainty about taxation for overseas investors, sparking worries of continued foreign outflows.
Dollar purchases from oil importers, foreign banks also pushing up pair.
USD/INR breaks above minor resistance at 53.25, the top of the channel from the gains since early March.
Next immediate resistance is at 53.51, the December 29 high.
Copyright @ Thomson Reuters 2012