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Rupee continues to move on a positive note

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Forex Research - Open Market Comments

The rupee maintained a firm tone against the US Dollar here in the kerb and no change in the price was recorded today. The national currency continued to move in the positive territory mainly because of lower demand and good supply of greenback with the vendors. Further the same trend of dollar in the inter bank has also been helping rupee to gain in the open market as well.On the other hand, as noted in our previous reports, constant foreign inflow in the stock market and 18th amendment move have brought a much needed stability in the stock exchange and investors have now started looking towards it as a safe investing option in the present situation. The positive trend is going to further attract investors and it is expected that market would show more gains after taking some correction this week too. This trend would show more stability in currency markets too as naturally there would be more demand of rupee than other currencies.Rupee also got support from international market trend of dollar as investors moved to profit-taking after a recent rally in the greenback. The dollar fell to 94.08 yen in Tokyo morning trade from 94.31 yen late Monday in New York. The euro dropped to 1.3436 dollars from 1.3486 and to 126.40 yen from 127.26. The dollar had advanced to the upper 94-yen level Friday on news that the US economy had created 162,000 jobs in March, the most in three years. Other positive economic data also pointed to a building US economic recovery from the worst recession in a generation.

 

Source : Kalpoint Content Department


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