The rupee fell toward a seven-week low!

1) China will allow the Yuan to be exchanged directly for British pounds from today in Shanghai as the world’s second-largest economy promotes the use of its currency in global trade and finance.

2) U.K. government bonds advanced for the first time in five days as minutes of the Bank of England’s June 4-5 meeting showed no policy makers voted to raise the benchmark interest rate from a record low.

3) The rupee fell toward a seven-week low on concern India’s trade balance will deteriorate and inflation will quicken as violence in Iraq boosts oil prices.

Read full report here: - http://www.rrfinance.com/reserch/MorningBell/Cr_MorningBell.pdf

Traders expect the rupee to continue to hold in a tight 59.80 to 60.20 per dollar

The Indian rupee gained for a second consecutive session on Friday to a near one-month high, sparking suspected central bank intervention after shares surged to a record high on hopes the opposition Bharatiya Janata Party would win a majority in elections ending next week. Traders expect the rupee to continue to hold in a tight 59.80 to 60.20 per dollar on Monday ahead of exit polls due to be released after 1830 India time. Though these polls have proved unreliable in previous elections, traders expect to get some clarity on what the final results to be released on May 16 may look like.

 Today’s Headlines

1) Asian Currencies Complete Weekly Advance Led by Philippine Peso
2) Euro Weakens Third Day on Outlook for ECB Stimulus
3) Deutsche Bank Currency Crown Lost to Citigroup on Volatility
4) Pound Set for Weekly Gain as U.K. Output Beats Analyst Estimates
5) Ukraine Renews Dialogue Offer as Russia Holds Army Drills

Read detail analysis report here:- http://www.rrfinance.com/reserch/MorningBell/Cr_MorningBell.pdf