Indian rupee snaps the year on a steady note amid lower volumes
Dec 30, 2011
The rupee ended steady on Friday amid stumpy volume trade on the quarter closing. The rupee suffered a sharp fall in the early session because of dollar demand from oil importers, as oil is India's biggest import item and consequently local refiners are the biggest buyers of dollars in the domestic currency market. Volati le domestic equities also added pressure on the local currency, which is on course for its steepest annual fall since 2008. Central bank is expected to have sold dollars on Wednesday and Thursday to shore-up the currency, so rupee was unlikely to witness sharp fall as RBI is expected to intervene to support the local currency.
Finally the rupee ended at 53.05, stronger by 4 paise from its previous close of 53.09 on Thursday. It has touched a high and a low of 53.3600 and 53.0500 respectively. The Reserve Bank of India's reference rate for the dollar stood at Rs 53.2660 and for Euro it stood at 68.9005 on December 30, 2011. While, the RBI's reference rate for the Yen stood at 68.68 and the reference rate for the Great Britain Pound (GBP) stood at 82.0989. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
Intraday Call - MCX JPY INR DEC SELL ON RALLIES AT 67.25, REST AT 67.31, Stop Loss 67.37, Target 67.05.
12 se. currency tips free :-
The rupee today fell by 38 paise to trade at over one-year low level of Rs 46.94 against the US currency in early trade, amid weakness of the euro and other Asian currencies against the dollar.Dealers said a slide in the euro, which hit a six-month low against the US dollar and a lower opening in the domestic stock market mainly kept pressure on the rupee.The rupee had tumbled by 37 paise to clos
30 August :-
SELL JPYINR @59.85 STOP ABOVE 60.10 TGT 59.30
26 august :-
The dollar traded down 0.2 percent at 77.28 yen , coming off a two-week high hit overnight of 77.70 yen. It hit a record low of 75.941 yen a week ago, giving rise to jitters that Tokyo would intervene in currency markets for the second time in less than a month.
The EUR/USD straightened at the $1.4476 area in the recovery from the early morning lows at $1.4389. However, the pair couldn’t continue trading at this zone and fell against the background of the published data confirmed the decline of the German IFO - Expectations index to its lowest level of 100.1 despite the analysts’ forecasts at 102.8 level.The dollar was under pressure amid speculations that the Fed Chairman at the conference on August 26 would hint at the probability of the third wave of quantitative easing, in support of a national economy.