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2. HEADLINES
Re touches 1-month high on BSP support to
govt on FDI
The rupee has touched a one-month high to closed at
54.134, on hopes of strong fund flows as the BSP lends
support to the government on the FDI issue in the Rajya
Sabha explains CNBC-TV18’s banking editor Latha
Venkatesh The single factor that guided the rupee was
the question of the enactment of the foreign direct
investment (FDI) in multi-brand retail. There is a direct
expectation of an inflow of dollars, even if it is not
immediate. The rupee also rose on opinion that the BSP
TRADING TIPS support to the government signals reform and therefore
the foreign institutional investor (FII) flows which have
BUY USD/INR been so good in the past few months will continue. The
ABOVE 54.75 rupee market needs those inflows much more because
the trade deficit in October was as high as USD 21
FOR TGT
billion. So every month if you need USD 21 billion just
54.95/55.15
to bridge the difference between what importers are
SL 54.55
buying and exporters are selling, then obviously you
PAST need half a billion dollars a day, in fact almost a billion
PERFORMANCE dollars every trading day to bridge the deficit.
SELL USD/INR
RBI REFERENCE RATE
BELOW 54.25
As on 7TH December 2012
FOR TGT
54.05/53.85
UNDERLYING RATE
SL 54.45
USDINR 54.2018
UNEXECUTED
EURINR 70.2175
GBPINR 86.9993
JPYINR 65.7700
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6. FOREX FORTHCOMING DATA
TIME CURRENCY DATA ACTUAL FORECAST PREVIOUS
Tentative CNY Trade Balance 32.0B
1:15pm EUR French Industrial -2.7%
Production m/m
2:30pm EUR Italian Industrial -1.5%
Production m/m
3:00pm EUR Sentix Investor Confidence -18.8
10:45pm GBP BOE Gov King Speaks
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