The Indian rupee snapped its four-day rising streak on Thursday as month-end dollar demand from importers, particularly oil firms, hurt while concerns about central bank intervention also prompted investors to refrain from shorting the dollar. The central bank has been suspected to have bought dollars aggressively over the last two trading sessions to shore up its foreign exchange reserve and prevent a massive appreciation in the local unit which could be detrimental to export growth. Traders expect the unit to hold in a 59.50 to 61.00 range in the near term.
Today’s Headlines
1) N.Z. Dollar Advances to Highest Since 2011
2) Pound Gains a Fourth Day as Retail Sales Rise More than Forecast
3) Gold Imports by India Seen Rebounding by Billionaire Jeweler
4) WTI Trades Near One-Week High as Cushing Inventories Fall
Read detail analysis report here:- http://www.quora.com/Rahul-Prasad-12/Posts/Traders-expect-the-unit-to-hold-in-a-59-50-to-61-00-range
1) N.Z. Dollar Advances to Highest Since 2011
2) Pound Gains a Fourth Day as Retail Sales Rise More than Forecast
3) Gold Imports by India Seen Rebounding by Billionaire Jeweler
4) WTI Trades Near One-Week High as Cushing Inventories Fall
Read detail analysis report here:- http://www.quora.com/Rahul-Prasad-12/Posts/Traders-expect-the-unit-to-hold-in-a-59-50-to-61-00-range
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