Indian Rupee ends at Rs. 59.76 against US$ - ICICI Bank : Treasury Research

The Indian Rupee opened the session stronger compared to yesterday's close. The additional curbs on gold imports imposed by the RBI post-market hours yesterday aided sentiment. However, intraday the currency came under pressure on account of month end Dollar demand by oil importers and reported Dollar purchases by some state-owned banks on behalf of their clients. The USDINR pair ended the session at 59.76 vs. previous close of 59.72.

The 6 and 12-month forward premia closed at 8.54% and 7.93% respectively compared to prior close of 8.25 % and 7.74%.

The US Dollar is trading slightly higher compared to yesterday's close albeit holding on to most of yesterday's losses amidst paring of bets of tapering of Fed's QE following weak housing data. The Euro is trading slightly weak mainly on account of strength in the greenback. However, an official survey showing an improvement in France's overall business climate helped cap the downside. The Pound and Yen are also trading weak. The Dollar index is currently at 82.33, compared to the previous close of 82.22. EUR/USD is hovering around 1.3180 compared to yesterday's close of 1.3186; GBP/USD is trading around 1.5351 as against previous close of 1.5360. USD/JPY is trading around 99.96 compared to previous close of 99.67 (17:00 IST).

Source : Equity Bulls

Keywords