USD-INR - Forex Mantra - IIFL

- Dollar/rupee opened up Thursday on uncertainty over US fiscal cliff as signs negotiations are faltering and after rating agency Fitch threatened to downgrade US ? Trading volumes were subdued as bank employees of state-run, private and foreign banks are on a one-day strike to protest against amendments in the Banking Law bill.

- Dollar/rupee rose to Rs 54.85/$1 Thursday on demand for dollars from oil and gold importers amid global risk aversion on uncertainty over US fiscal cliff deal.

Cross-currencies

- Euro/dollar was trading up Thursday on hope some solution to US fiscal cliff be reached soon even though the talks to avert the crisis stalled on Wednesday

- President Barack Obama and John Boehner are struggling to solve fiscal cliff issue to avoid hike in tax and spending cuts in early 2013.

Source : Equity Bulls

Keywords