The rupee traded higher against the dollar supported by positive local stocks, though oil prices limited gains. Dealers are watching negotiations over the US fiscal cliff. The current account deficit is expected to hit a record high. The rupee inched up 3 paise to 54.91 amid mild dollar selling from banks despite its higher value overseas. Traders are adopting a bearish outlook on USD/INR and a sell on rise strategy.
2. HEADLINES
Rupee up against dollar; stocks support
The rupee is still trading with gains amid thin volumes.
The pair is at 54.84/86 versus 54.93/94 at Thursday close.
The pair has traded in a 54.765-54.975 band. Positive local
stocks are supporting the Indian rupee, up 0.5 per cent.
However, oil bids are keeping losses in check. Dealers are
closely watching "fiscal cliff" drama with President Barack
Obama slated to meet Republican and Democrat
Congressional leaders later on Friday. The country's July-
Sept current account deficit will be watched on Monday,
with the gap likely to hit a record high.
Rupee up 3 paise vs dollar in late morning trade
The rupee inched up by three paise to 54.91 against the
TRADING TIPS American currency in late morning trade today on mild
SELL USD/INR selling of dollars from banks despite its higher value
overseas. The Indian rupee resumed higher at 54.87 per
BELOW 55.10
dollar as against the last closing level of 54.94 at the
FOR TGT Interbank Foreign Exchange ( Forex) Market. It moved in
54.95/54.80 a narrow range of 54.86 and 54.97 per dollar before
SL 55.25 quoting 54.91 at 1050 hrs.
PAST
PERFORMANCE
SELL USD/INR REFERENCE RATE
BELOW 54.83
As on 28TH December 2012
FOR TGT
54.68/54.53 UNDERLYING RATE
SL 54.98 USDINR 54.8473
UNEXECUTED EURINR 72.6298
GBPINR 88.3974
JPYINR 63.4600
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6. FOREX FORTHCOMING DATA
TIME CURRENCY DATA ACTUAL FORECAST PREVIOUS
6:00am AUD Private Sector Credit m/m 0.1%
7:15am CNY HSBC Final 50.9
Manufacturing PMI
31st-4th GBP Nationwide HPI m/m 0.1% 0.0%
3:00pm GBP Housing Equity -9.8B
Withdrawal q/q
9:30pm USD Crude Oil Inventories -1.6M -1.0M
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