Indian Rupee rebounds against US Dollar - ZENMoney

Rupee rebounded against US dollar with growing expectations that the government would announce fresh steps after Economic Affairs Secretary Arvind Mayaram hinted the government may come out with more steps to support the rupee.Arebound in local equities coupled with a weak dollar overseas and fresh dollar sales by exporters supported the indian currrency further.

Euro fell against the US Dollar after disappointing French industrial output figures along with renewed concerns over the euro zone economy The dollar found some support on market sentiments that Federal Reserve monetary stimulus that weaken the greenback to spur recovery will begin to taper in either September or December. However, Euro rose during Thursday's session after better than expected German export data along with improving US weekly jobless claims data. The recent economic data and comments from Federal Reserve officials stoked uncertainty about US central bank stimulus capped the gains in the US dollar.

Yen rose against the US Dollar during Thursday and Friday's session due to ongoing uncertainty over the direction of US monetary policy. The yen showed little reaction after the Bank of Japan kept monetary policy unchanged after its policy meeting on Thursday, in a widely expected decision.

Source : Equity Bulls

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