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Foreign Exchange Market Analysis Report:

International Forex Market Trend / Comments / Information / Report and Rates provided below was last updated in part or full on Friday, July 30, 2010 - 10:21 am (GMT +05:30:00) - Indian Standard Time.

Live Market Rates (Updated Frequently):

Trend Indicators against INR
- - - - - - - - - - - - - - - - USD-----------------EURO----------GBP
Previous day-----46.5300/46.7500---60.14/61.06 72.22/73.01
Today's opening-46.60/46.61---60.75/60.85 72.65/72.75
Expected range for today
---------------------46.4000/46.7500-------------------------------
& current month-46.5000-47.0000----------------------------------

The Indian rupee touched its highest in nearly a month on Thursday, as stronger domestic stocks raised expectations of more capital inflows and the euro’s rise prompted exporters to sell dollars. The rupee ended at 46.53/54 per dollar, off an intraday high of 46.52 and about 0.5 percent higher than Wednesday’s close of 46.75/76.

SPOT/INR :
The Indian rupee opened slightly weaker at 46.60/61 against the dollar compared to Thursday’s close. But dollar was weak against the majors and gains in other regional peers. Traders would watch domestic share market performance for cues. The MSCI index of Asian stock was down 0.3 percent, while the Nifty India stock futures traded in Singapore were down 0.5 percent suggesting a weak open in the local market. Most regional peers were stronger against the dollar.

Forward Premium :
Forward premium may rise on hopes that interest rates may rise more on comments by a Reserve Bank of India Official jolted markets on Thursday with unusually blunt criticism of monetary policy that current interest rates would not tame inflation and aggressive action was need.

Global Developments :
Analysts are watching for US second quarter GDP data due at 1230 GMT, could provide further opportunity to sell the currency after a raft of US economic data in the past month undershot market expectations. Economists forecast US growth to slow to 2.5 percent in the three months to June from 2.7 percent in the first quarter.

Near Term Outlook for Rupee:
The central bank is likely to raise interest rates more aggressively in the rest of the fiscal year and most economists surveyed expect rates to be raised by the end of September. Foreign capital in local shares is a key driver of the rupee; so far the foreigners have bought a net of $9.2 billion worth of shares.

POSITIVE FACTORS FOR RUPEE:
1. FII / IPO Inflows
2. Interest Rate Hike
3. Strengthening of Euro


FACTORS AGAINST RUPEE:
1. Oil demand
2. Current Account Deficit

Indicative / Forward / Cross Rates:

Note: This information is given only for guidance purpose without any obligation on the part of TMB or any of its officials. Any person dealing on the basis of the said information does so at his own risks and no objection arises to TMB or any of its officials. All such trading involves risks.

Card Rates:

Exchange Rates Information last updated in part or full on Friday, July 30, 2010 - 10:21 am (GMT +05:30:00) for ready transactions. All quotations are per unit of Foreign Currency (Japanese Yen in 100 Units).

Prime Rates:

Prime Rates for US Dollar w.e.f. December 18, 2008 is 3.25%

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