US dollar trading weaker - ICICI Bank : Treasury Research

The Indian Rupee opened on a weak note today morning. Intraday, the Rupee remained under pressure amidst continued Dollar demand by importers. However, the currency recovered significantly in the latter session of trade aided by reported RBI intervention and Dollar sales by custodian banks. A firm Euro also aided the currency. The USDINR pair ended the session at 59.35 vs. previous close of 59.67.

The 6 and 12-month forward premia closed at 7.76% and 7.27% respectively compared to prior close of 7.49% and 7.09%.

The US Dollar is trading weaker on the back of profit booking following overnight gains. The British Pound, meanwhile, is trading strong, supported by data that showed a decline in budget deficit and comments by UK Treasury official that the economy is moving from "rescue to recovery." The Euro is also trading strong, largely on the back of a weaker greenback. The Yen is trading marginally strong. The Dollar index is currently at 82.66, compared to the previous close of 82.82. EUR/USD is hovering around 1.3132 compared to yesterday's close of 1.3109; GBP/USD is trading around 1.5270 as against previous close of 1.5227. USD/JPY is trading around 100.28 compared to previous close of 100.43 (17:30 IST)

Source : Equity Bulls

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