Saturday, July 17, 2010

Rupee Rates

Rupee fell against the dollar, despite euro's rise above the $1.2900 mark, due to slight weakness in local shares and higher rates in the dollar/rupee non-deliverable forwards market, Dollar demand from some importers also dragged rupee down. There was no impact of the rise in euro. Most foreign banks are on the bid side. The Chinese market is down looking at which there has been dollar demand here. Euro's rise did not have a significant impact on most Asian currencies, and so failed to aid rupee as well," said a dealer with a UK bank. Share indices in China were down over 1% today. The one-month dollar/rupee NDF rate was at 46.9000 against 46.8500 Thursday.

EUR/USD the pair just gave up 1.2900 level towards 1.2895 and is currently just above 1.2900. The pair trades 0.43% lower than yesterday's close. USD/JPY fell below 87.00 overnight to hit a fresh 2-week low at 86.94 area. Current price bounced off to 87.15, a 0.34% fall from previous close. GBP/USD retreated from a 10-week high at 1.5460 as it goes below 1.5400 level (cmp:1.5393) 0.38% lower than previous close.

EURUSD Spot: 1.2955 is the resistance for the pair the break of which may push it to 1.30 levels which is a crucial psychological resistance level. On the hind side 1.2880 is the support for the pair.
EURINR July Futures: The cross pair can go up to 60.70-75 levels if it breaks the immediate resistance at 60.55. 60.35 is immediate support for the pair. Bias is positive for the cross pair.

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