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2. HEADLINES
No target or band set for rupee: Gokarn
Reserve Bank will intervene in the forex market only to
curb excessive volatility in exchange rate but stated
there is no target set for rupee, deputy governor Subir
Gokarn said here today."Our approach has been that
the exchange rate of the rupee should be market
determined and the Reserve Bank should be intervening
only to manage excessive volatility... without targeting
any particular level or band," Gokarn told an RBI-ADB
conference on 'Managing capital flows' here. From a
short-term perspective, the decision to intervene in
order to avoid destabilization of both exporting and
TRADING TIPS
import-competing producers needs to be viewed in the
BUY USD/INR overall context of domestic conditions.
ABOVE 55.15 Euro slips after Moody's cuts France rating
FOR TGT The euro fell on Tuesday after Moody's stripped France
55.35/55.55 of its prized triple-A rating, while the yen hovered near
SL 54.95 a seven-month low against the dollar ahead of a Bank of
Japan policy decision due later in the day. The Moody's
PAST downgrade of France chilled the euro, which had rallied
PERFORMANCE to its highest level in nearly two weeks the previous day.
SELL EUR/INR RBI REFERENCE RATE
BELOW 70.35 As on 20TH November 2012
FOR TGT 70.15
UNDERLYING RATE
SL70.55
USDINR 54.9100
TARGET ACHIEVED
EURINR 70.2380
GBPINR 87.3838
JPYINR 67.5500
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6. FOREX FORTHCOMING DATA
TIME CURRENCY DATA ACTUAL FORECAST PREVIOUS
Tentative EUR German 10-y Bond 1.56|1.5
Auction
7:00pm USD Unemployment Claims 423K 439K
7:30pm USD Flash Manufacturing PMI 51.2 51.0
8:25pm USD Revised UoM Consumer 84.9 84.9
Sentiment
9:00pm USD Crude Oil Inventories 1.0M 1.1M
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