Indian Rupee ends at Rs. 59.38 agains USD - ICICI Bank : Treasury Research

The Indian Rupee opened today's session on a stronger note, aided by weakness in the Dollar and a largely upbeat sentiment following the decline in India's Q4 FY2013 current account balance. Intraday, the currency remained supported after the RBI tweaked FII hedging norms yesterday. Heavy corporate inflows, which according to reports included those related to HUL's open offer, also aided gains in the Rupee. Gains in domestic equities further added to the upside. The USDINR pair ended the session at 59.38 compared to yesterday's close of 60.19.

The 6 and 12-month forward premia closed at 5.87% and 5.75% respectively as against 5.93% and 5.78% yesterday.

Euro is trading stronger, extending yesterday's gains after Germany's May retail sales and Italy's June business confidence topped expectations. The Yen, meanwhile, is trading weaker after improved global risk sentiment coupled with positive economic data released in Japan earlier today weighed on safe haven demand. The Pound is trading weak while Dollar is largely flat. The USDJPY cross touched a two-week low of 99.14 in trade today and is currently trading around 99.02 compared to previous close of 98.35. The Dollar index is currently at 82.89, compared to the previous close of 82.90. EUR/USD is trading around 1.3073, compared to yesterday's closing levels of 1.3038; GBP/USD is trading around 1.5239 as against previous close of 1.5259. (17:30 IST)

Source : Equity Bulls

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