Forex Tips and News Today- Friday 29th July 2011

Today the US dollar fell sharply, followed by a report that showed that the economic growth in the second quarter of 2011 was worse than it was expected.
Today the greenback was also trading at high level against the other currencies, advancing significantly both against the euro and the Great Britain pound before 12:30 GMT. After following the US GDP report, it slid to bearish against the euro and trades almost in the negative zone. The dollar is also down against the Japanese yen.
The gross domestic product increased at an annual rate of 1.3% in the Q2 2011 from the Q1 2011. The first quarter growth was revised down from 1.9% to 0.4%. The traders expected 1.8% gain in GDP on an average.
EUR/USD went up from 1.4327 to 1.4333 as of 13:09 GMT, trading as low as 1.4229. Today GBP/USD is trading near its opening level of — 1.6369. USD/JPY fell from 77.69 to 77.14.

Forex Tips for Today

Indian foreign exchange declined by 112 million to $314.50 billion for the week ended July 15 due to a sharp drop in the value of foreign currency assets.
Foreign currency assets, the biggest component of the forex reserves kitty, dropped by $115 million to $282.29 billion during the week under review, according to the weekly statistical supplement of the Reserve Bank of India (RBI).
The foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the pound sterling, euro and yen held in reserve.
The value of special drawing rights (SDRs) increased by $2 million to $4.58 billion and reserves with the International Monetary Fund rose by $1 million to $2.95 billion.