Indian Rupee ends at Rs. 60.88 agains USD - ICICI Bank : Treasury Research

The Indian Rupee opened the session stronger tracking some recovery in some of its Asian currency peers. Slight easing of oil importers' Dollar demand aided the Rupee. Economic Secretary Mayaram today suggested that the Government is likely to announce further steps to stabilise the Rupee, thereby aiding sentiment. In the latter session of trade, reported Dollar sales by PSUs also helped curb losses in the currency. The USDINR ended the session at 60.88 vs. yesterday's close of 61.29.

The 6 and 12-month forward premia closed at 8.76% and 7.96% respectively compared to prior close of 9.03% and 8.21%.

The Japanese Yen is continuing to trade strong, after the BoJ refrained from adding any further monetary stimulus, following the conclusion of the 2-day policy meeting earlier today. The Euro is trading stronger after Germany's exports for June rebounded to 0.6% MoM following a contraction in May. The British Pound is trading largely flat, holding on to most of yesterday's gains. The US Dollar, meanwhile, is trading weaker. The Dollar index is currently at 81.16, compared to yesterday's close of 81.29. EUR/USD is hovering around 1.3361 vs. yesterday's close of 1.3336; GBP/USD is trading around 1.5504 as against previous close of 1.5489. USD/JPY is trading around 96.32 compared to previous close of 96.33. (17:30 IST)

Source : Equity Bulls

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