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  1. #1
    YouR De$i RaPPeR
    Join Date
    Jun 2009
    Spain BCN (Barcelona)

    Default Forex opens low by six paise at 46.60/61 against USD

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    Rupee resumed softer by six paise at 46.60/61 against greenback on first day of 2010 today due to fresh buying support for dollar by bankers, traders at the interbank foreign exchange (forex) said here.

    Later, its movement was restricted between 46.58 and 46.62 in intra-day trade.

    ''It is very important to see how the dollar will behave in the first 15 days of January and a broader outlook will develop looking at all the economic data coming in,'' Mr Navin Shah, head of forex and money markets at Development Commercial Bank said.

    ''There were good inflows in the stock market yesterday, but the rupee will be affected based on how dollar moves in global markets to an extent,'' he added.

    The dollar's losses overseas also helped the local currency, traders said. The dollar index fell broadly on year-end adjustment of positions. The dollar index against six majors was down 0.6 per cent. One-month offshore non-deliverable forward contracts were quoted at 46.61/71, weaker than the onshore rate, indicating a slightly bearish view on the rupee.

    In the currency futures market, the most traded near-month contracts on the National Stock Exchange and MCX-SX were at 46.5975 and 46.6050, respectively.


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