- Rupee strengthened to its highest level in three months as risk appetite improved after strong manufacturing data from China and India.
- The euro held steady against the dollar and yen in Asia on Thursday after risk sentiment slightly improved on better than expected trade data from Australia.
- The Australian and New Zealand dollars maintained two-day gains as Asian equities extended a global stocks rally.
- Japan`s Finance Minister Jun Azumi escalated his warnings against strengthening in the yen toward a postwar high.
- Asian currencies strengthened to a three-month high.
USD/INR
As USD Index was expected weak (fall from above 79.52 into 78.52) and the index drove USD/INR below strong support at 49.22 (low of 48.97) before getting into consolidation act at 49.12-49.27 for close of day at 49.18. For Today, 49-49.23 with overshoot limited to 48.83-49.38. Traders are advised to sell March contract 2012 dollars at 49.83-50 and to buy February contract dollars around 49.13-49.
As USD Index was expected weak (fall from above 79.52 into 78.52) and the index drove USD/INR below strong support at 49.22 (low of 48.97) before getting into consolidation act at 49.12-49.27 for close of day at 49.18. For Today, 49-49.23 with overshoot limited to 48.83-49.38. Traders are advised to sell March contract 2012 dollars at 49.83-50 and to buy February contract dollars around 49.13-49.
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