The market moved rupee’s way in weekend trading today as the national currency was changing hands at Rs. 83/95 as compared to its overnight trading price of Rs. 84/00. The increase in selling from customers along with dollar’s downward performance on the international desks helped rupee to close on a positive note. The same trend was seen in the interbank market as well.On the international desks actually, modest gains came on the heels of the Fed's continued commitment to keeping rates exceptionally low for "an extended period." The statement highlighted improvements in business and household spending, while also noting lags in employment and commercial real-estate. The news calmed nervous investors, after global equity bourses fell on fears regarding sovereign debt contagion. The dollar was softer early in European trade as risk appetite crept back into the markets on better than expected unemployment data from Germany, and strong business climate and confidence figures from the Eurozone. The euro received a respite from the heavy sell off in recent days on renewed hopes that the IMF backed UE plan will be enacted in time for the May 19th deadline, when some 9 billion euros of Greek debt mature. Although profit taking could provide some support for the euro, the medium-long term outlook remains negative.
Source : Kalpoint Content Department
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