| Date: |
08-09-2012 |
| Subject: |
Indian rupee gains for second day against dollar |
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MUMBAI The rupee rose on Friday in line with other Asian currencies and shares, which rallied as risk appetite returned to markets after the European Central Bank put forth a bond-buying plan to help the ailing euro zone economies.
“The rupee rose tracking the euro which was nearing $1.27 from $1.2630 levels. Some dollar inflows, especially from foreign banks who had been on the sell side since morning, also helped,” said A. Ajith Kumar, a forex dealer with Federal Bank.
The partially convertible rupee closed at 55.3550/3650 per dollar as per the SBI closing rate versus its previous close of 55.65/66. The unit moved in a range of 55.3825 to 55.63 during the session.
The rupee rose 0.3 per cent on the week.
“55.10 will be a good support for the dollar, a break from which may lead to 54.80-54.50 levels, while on the upside 55.60 will be first resistance and then 55.90. But we will have to see how the euro behaves after today’s NFP data,” Kumar said.
The ADP National Employment Report on Thursday showed that U.S. private employers added 201,000 jobs in August, easily beating economists’ expectations for 140,000 new private sector jobs.
Source : omantribune.com
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