Monday, 13 May 2013

Market Update News 13 May 2013


Rupee falls most in 4 months on global dollar strength The rupee posted its biggest single-day fall in four months on Friday, as the dollar's strength against global currencies and demand from oil and gold importers offset gains in domestic shares that have been driven by strong foreign flows. The immediate resistance for USD/INR is 54.75, followed by
 
psychological resistance of 55.00 and good support around 54.15-20. The partially convertible rupee closed at 54.80/81 per dollar, 1 percent below its 54.25/26 close on Thursday. The unit dropped to as much as 54.8050 during the session, its weakest since April 8. Sterling hits near 4-year high against yenSterling rose to a near four-year high against a weaker yen on Friday.

with the pound drawing support from pick-up in activity in the British economy that has lessened chances  of more monetary easing in the near term. Against the euro,sterling was flat at 84.35 pence , while against a broadly firmer dollar it was marginally lower on the day at $1.5410.

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