Rupee at 1-1/2-mth high, triggers stops

Nov 05 2012, 14:22 IST
Comments 0
SummaryUS dollar / Indian rupee trading at 54.51/52 after hitting 54.55, its strongest since Sept. 14

* US dollar / Indian rupee trading at 54.51/52 after hitting 54.55, its strongest since Sept. 14 and above its close of 53.8050/8150 on Friday.

* Traders say sharp losses in the euro on renewed uncertainty about the euro zone debt crisis as Greece faces a crucial parliamentary vote boost sentiment for the dollar.

* The dollar also broadly stronger ahead of the U.S. elections on Tuesday.

* Traders say losses in domestic shares add to the rupee's woes, and push the pair further up. Shares trading down 0.3 percent.

* Traders say a daily close above 54.50 levels would be a strong boost for the dollar and it could rise to 55.20-55.50 levels in the next month or so.

* Strong dollar demand from a big iron ore refiner was also seen earlier in the day while some stops got triggered around 54.20-54.30 levels, pushing the pair higher, dealers say.

Ads by Google

More from BANKING & FINANCE

Reader´s Comments
| Post a Comment
Please Wait while comments are loading...