FOREX market reports from Investment Solutions - page 2
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Indian Rupee Analysis
The Indian rupee weakened on Thursday as the dollar climbed overseas, triggering demand for the U.S. unit from importers. Lower domestic shares also weighed.
The partially convertible rupee INR=IN ended at 46.27/28 per dollar, about 0.3 percent lower than Wednesday's close of 46.11/12. It traded in the range of 46.1750 to 46.31.
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Previous session overview
The euro and the commodities-influenced currencies erased their overnight losses Thursday morning after investors said U.S. weekly jobless claims data wasn't as bad as they first appeared, fueling a surge in demand for stocks and other riskier assets.
The euro recovered to as high as USD1.3655, gaining more than 1 cent off its lows of the day. The New Zealand and Australian currencies also moved higher against other currencies. The U.S. dollar index, which tracks the greenback against a trade-weighted basket of six currencies, fell, trading near its intraday low.
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Currency investors will shift their focus to economic growth from crisis now that the Federal Reserve has signaled that U.S. banks no longer require acute emergency support.
Until recently, any sign of strength of economic recovery in the U.S. prompted investors to sell dollars and buy higher-yielding assets, safe in the knowledge that dollar interest rates would remain ultra-low for awhile.
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The Indian rupee strengthened on Monday, boosted by gains in other Asian currencies and domestic shares.
At 10:20 a.m. (0450 GMT), the partially convertible rupee INR=IN was at 46.13/14 per dollar versus Friday's close of 46.30/31.
Support for the rupee is seen at 46.00, traders said, adding that the rupee could go to 45.80 if this breaks.
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