Rupee stands unchanged against dollar in the open market

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Forex Research - Open Market Comments

Rupee continued to show positive trend versus dollar in the kerb market today. The US currency started off today’s trading at Rs.80/30, stood motionless and was trading at the same price at close of markets on Wednesday. In the international market, the dollar fell against the yen on Wednesday after data showed private U.S. employers cut another 742,000 jobs in March, more than economists were expecting. The March job losses reported by ADP Employment Services marked the biggest since the firm's survey began in 2001. 

The dollar fell to 98.60 yen from about 98.75 yen, while the euro dipped to $1.3239 from around $1.3250. The dollar and yen tend to outperform on bad economic news because they attract safe-haven flows from higher-yielding currencies and assets. The euro fell toward a two-week low against the dollar on speculation a European report today will show the region’s jobless rate climbed to the highest level in more than two years.  

The euro declined to $1.3192 as of 6:24 a.m. in London from $1.3250 yesterday in New York. It touched $1.3114 on March 30, the lowest level since March 18. The 16-nation currency dropped to 130.22 yen from 131.13 yen.  ECB President Jean-Claude Trichet and his colleagues will lower their key rate to 1 percent from 1.5 percent at a meeting tomorrow, according to a Bloomberg News survey.  The euro will drop to $1.27 and 127 yen by June 30, according to a separate survey of analysts.  


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