DAILY FOREX REPORT RESEARCH VIA 7/5/2013
Rupee turns lower as Subbarao's comments hurt sentiment The rupee turned lower as absence of any soothing comments from RBI chief D Subbarao on rupee hurt sentiment, says dealers. The rupee is at 60.30/31 versus Wednesday's close of 60.215/225 after remaining in a tight range for most of the session. The RBI Governor said he does not have a specific foreign exchange rate target, which raises concerns that the RBI is unlikely to defend any particular level strongly.
Yuan rises along with stronger midpoint on dollar slide China's yuan rose on Thursday, following stronger guidance from the central bank after the dollar fell in overnight trade on policy jitters. The dollar index slid overnight as investors trimmed back long positions in the run up to the US July 4 holiday and payroll data on Friday, but it steadied in Asian trade. The spot yuan remained range bound on Thursday after opening at 6.1266 per dollar, up 0.07 percent from Wednesday's close. The People's Bank of China set the midpoint at 6.1755 per dollar before market open, up 0.08 percent from Wednesday.
Swiss franc falls against euro, dollar; ECB review in focus The Swiss franc was weaker against the euro and the dollar on Thursday in thin trading ahead of the European Central bank's policy review and with US markets closed for a holiday, while traders also awaited Friday's US payrolls report. Political instability in Portugal, which has weighed on the euro in recent sessions, has also pressured the franc, which has traded in a fairly narrow range against the single currency since September 2011 when the Swiss National Bank imposed a 1.20 per euro cap to stave off a recession and deflation.
DAILY MARKET STATISTICS CURRENCY
RBI REFERENCE RATE (As on 4TH JUNE 2013) UNDERLYING
USDINR DAILY ANALYSIS
PIVOT POINTS S1-60.1050 S2-59.8300 PP-60.4275 R1-60.7025 R2-61.0250
EURINR DAILY ANALYSIS
PIVOT POINTS S1- 78.1033 S2-77.7367 PP-78.4517 R1-78.8183 R2-79.1667
GBPINR DAILY ANALYSIS
S1-90.7042 S2-90.0708 PP-91.5883 R1-92.2217 R2-93.1058
JPYINR DAILY ANALYSIS
S1- 60.2075 S2- 59.8900 PP-60.5225 R1- 60.8400 R2- 61.1550
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Published on Jul 5, 2013