Wednesday, September 14, 2011

Forex Tips For Today | Technical report and Market views

The rupee plunged to its lowest level in more than 15 months on Tuesday, weakening for a seventh straight session, as deepening concerns of a Greek debt default continued to drag local and world equities and channelled flows towards dollar.

Dollar buying from corporates along with the weakness in Asian currencies also aided the rupee's fall, dealers said.

A jump in spot dollar demand triggered receiving in the forward dollar market and sent the one-year onshore premium tumbling to 16-month lows, they said.

The partially convertible rupee ended at 47.59/60 to a dollar, after touching 47.6550, its lowest since May 25, 2010, and 0.8 percent weaker from Monday's close of 47.22/23.


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