Market Outlook – Indian rupee fell on 61.80/Dollar!

The Indian rupee weakened on Wednesday as sustained dollar demand from importers, especially oil firms, weighed, while the sudden jump in headline inflation in July to a five-month high also hurt entiment.

The near-term weakness will continue and we may see 60.50 to 61.80 ranges holding for a bit. The market is shallow; there is a genuine demand, so clearly there is downward pressure on the rupee.

Today’s Headlines

1)     Swiss Franc Weakens as Euro-Area Economy Grows; Pound Advances

2)     India Rupee Nears Record Low, Bonds Drop on Fed Stimulus Concern

3)     Aussie Falls versus Kiwi on Rate Views as N.Z. Retail Sales Rise

4)     RBA Cuts Ended for Aberdeen Doubting BlackRock: Australia Credit

5)     Gilt Yield Rises to Two-Year High Before Jobs Data, BOE Minutes

6)      RBI introduced additional steps to further tighten liquidity

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