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- Indian rupee will continue to widely drop against EUR, GBP and US dollar at open tracking Asian region`s weakness and poor performance by regional currencies like Korean won & Indonesian Rupiah despite risk sensitive currencies(EUR, GBP, AUD, NZD) have risen off their yesterday`s low. If the drop in the rupee vs. US dollar is swift then it will find resistance from exporters selling during the day, but if the fall is slow and gradual then it will remain broadly down across the board.
- The euro declined against the dollar and the yen, reversing gains, after a German government official said the nation rejects proposals to combine current and permanent euro-area rescue funds.
- Today Spot rupee is tipped to trade in 51.65-51.86 range vs. 51.72.
- In the currency futures market, the most traded near-month dollar-rupee contract on the NSE closed at 51.92. The USD/INR December open interest was down by 4.9%. The January contract witnessed an increase in open interest by 8.0%.
- The US dollar is expected to attract some buying on declines against the INR. Utilize the lows in the USD/INR December contract to buy above 51.73 with target of 51.90/51.98 and a stop loss of 51.64.
- The 17-nation euro yesterday erased losses versus the dollar after the Financial Times reported that Europe may combine temporary and planned permanent rescue facilities to bolster its bailout resources.
- The euro ended a three-day drop versus the yen amid speculation Europe is working to expand funds available to the region`s most-indebted nations as leaders prepare to meet in Brussels tomorrow.
- The Australian Dollar rose after GDP data revealed stronger than expected economic activity in the 3rd quarter. Coming after the RBA`s latest rate cut, the figures could herald a pause in further central bank moves.
- The US dollar is expected to attract some buying on declines against the INR. Utilize the lows in the USD/INR November contract to buy above 51.32 with target of 51.48/51.56 and a stop loss of 51.24.
- In the currency futures market, the most traded near-month dollar-rupee contract on the NSE closed at 51.42. The US$/INR December open interest was down by 0.5%. The January contract witnessed an increase in open interest by 4.9%.
- The yen weakened for a third day against the euro as stocks advanced around the world amid signs the U.S. economy is gathering momentum, reducing demand for safer assets.
