The rupee fell against the dollar due to increased demand from oil importers and weakness in global shares. It dropped 12 paise to 54.67 in early trading due to oil demand and a weaker opening in the equity market. The daily forex report provides analysis of currency movements and trading recommendations, noting the USD/INR pair looks upward trending and advising to buy on dips. Key data points and charts of currency pairs against the dollar are also included.
2. HEADLINES
Rupee extends losses on oil demand; weak shares
The rupee extended losses to 54.84/85 versus its previous
close of 54.55/56 on the back of dollar demand from oil
firms and also helped by weak domestic shares. A broad
risk-off mood globally also aided the dollar, traders said.
Asian shares retreated from near 17-month highs and
commodities fall as negotiations to avert a US fiscal
crunch turns to personal taunts, putting at risk a timely
solution as well as the health of the world's largest
economy.
Rupee down 12 paise against dollar in early
trade
TRADING TIPS
The rupee today fell by 12 paise to trade at 54.67 against
BUY USD/INR the dollar in early trade at the Interbank Foreign
ABOVE 55.17 Exchange, due to increased demand for the American
FOR TGT currency from oil importers. Besides, euro and yen
55.32/55.47 weakness against the dollar overseas and a lower opening
in the equity market also put pressure on the local unit,
SL 55.02
forex dealers said. The rupee had gained 30 paise
PAST
yesterday to close at 54.55 against the dollar on fresh
PERFORMANCE selling of the American currency by banks.
SELL USD/INR
BELOW 54.90 REFERENCE RATE
FOR TGT As on 21ST December 2012
54.75/54.60
UNDERLYING RATE
SL 55.05
USDINR 55.0860
UNEXECUTED
EURINR 72.7730
GBPINR 89.5368
JPYINR 65.5000
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6. FOREX FORTHCOMING DATA
TIME CURRENCY DATA ACTUAL FORECAST PREVIOUS
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