Indian Rupee consolidated on Friday - Aditya Birla Money

The Indian Rupee consolidated on Friday after a sharp fall in the earlier session. On a weekly basis, the Rupee depreciated around 1%, falling to around 1-month lows against the US dollar. Risk aversion in the domestic equities on the back of ongoing political uncertainty led to weakness in the Rupee.

The Japanese Yen extended losses on Friday, touching multi-month lows against the US dollar. The Bank of Japan (BOJ) left interest rate unchanged below 0.10% as expected in its monetary policy review, but doubled the monthly asset purchases program to reach the 2% inflation target in the next two years. As per the latest measures, the BOJ will purchase 7 trillion yen ($74 billion) of government bonds a month along with other assets.

The Euro recovered after the US jobs data came in lower-than market expectations. The Euro currency traded above 1.30 levels after touching an intra-day low of 1.2901. The Euro zone economy declined -0.6% in the last quarter of 2012, Final GDP figures released by the Eurostat indicated. The final GDP figures were in line with market estimates. Factory orders in Germany rose 2.3% in the month of February, the German Bundesbank reported on Friday. Orders rose higher-than market estimates of 1.2% and January's decline of 1.6%.

Source : Equity Bulls

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