Indian Rupee Off 1-week High Against US Dollar

Date : 08/06/2012 @ 8:29AM
Source : RTTF2
Stock : United States Dollar (B) VS Indian Rupee Spot (USD/Inr) (USDINR)
Quote : 65.004  0.0 (0.00%) @ 7:30PM
United States Dollar vs Indian R share price Chart

Indian Rupee Off 1-week High Against US Dollar

United States Dollar vs Indian R (FX:USDINR)
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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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