Indian Rupee Off 1-week High Against US Dollar
06 August 2012 - 10:29PM
RTTF2
The Indian rupee pared its early morning gains against the US
dollar at the end of Monday's domestic trading. Earlier, the rupee
advanced to a 1-week high of 55.2350 against the dollar in the
morning as domestic equities rose on solid U.S. jobs data.
Although the rupee erased some of its morning gains in the
afternoon, it stayed above the 56.0 level. The next likely
resistance level for the domestic currency is seen at 55.20 and the
probable support visible at 56.20.
Asian markets rose across the board after inspectors and Greek
government officials said that significant headway had been
achieved on further spending cuts that Greece must adopt to secure
a EUR 31.5-billion tranche of new aid that is vital to keep the
country afloat.
Finance minister P. Chidambaram said that the government would
unveil policies in next few days to boost investments and savings
in insurance and mutual fund sectors. With Chidambaram taking over
the charge of the finance ministry last week, Reserve Bank Governor
D Subbarao today met the finance minister and discussed the
macro-economic situation, reports said.
The benchmark BSE Sensex rose to a high of 17,452 before paring
some gains to end up 215 points or 1.25 percent at 17,413. The
broader Nifty index rose by 67 points or 1.28 percent to 5,283.
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