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Daily Market Report: Forex

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The Swiss franc fell to its lowest levels against the Dollar since August 2007

Thu, Nov 20 2008, 16:11 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • The Rupee pared most of its losses, ending weaker, on heavy intervention by RBI. The USD/INR pair ended at 50.19 from 50.01 yesterday. 

  • The 6-month and 1-year forward premium was at 2.45% and 1.74% as compared at 2.48% and 1.80% yesterday. 

  • The Swiss franc fell to its lowest levels against the Dollar since August 2007, after a surprise 100 bps rate cut by SNB. EUR/USD was at 1.253 from 1.2633 yesterday and GBP/USD was at 1.4843 from 1.4961 yesterday. USD/JPY was at 95.64 versus 96.74 yesterday. *

*These levels are taken at 17:30 IST.

Published on  Thu, Nov 20 2008, 16:11 GMT

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The Sterling pared its gains against the Dollar

Wed, Nov 19 2008, 16:09 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • The Rupee weakened, closing below the 50 mark, due to weak equity markets and NDF arbitrage. The USD/INR pair ended at 50.01 from 49.65 yesterday.

  • The 6-month and 1-year forward premium was at 2.48% and 1.80% as compared at 2.64% and 1.91% yesterday.

  • The Sterling pared its gains against the Dollar after the BoE minutes revealed a unanimous vote in favour of a 150 bps rate cut in its last policy meet . EUR/USD was at 1.2633 from 1.2621 yesterday and GBP/USD was at 1.4961 from 1.5024 yesterday. USD/JPY was at 96.74 versus 96.19 yesterday. *

*These levels are taken at 17:30 IST.

Published on  Wed, Nov 19 2008, 16:09 GMT

5

1

The Dollar gained against major currencies except the Yen

Fri, Nov 7 2008, 14:17 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee trimmed its initial losses taking cues from domestic equity markets. The USD/INR pair ended at 47.65 from 47.73 yesterday. 

  • • The 6-month and 1-year forward premium was at 3.35% and 2.48% as compared at 2.96% and 2.10% yesterday. 

  • • The Dollar gained against major currencies except the Yen, on renewed risk aversion as the markets expect the October US Non Farm payrolls to fall the most in five years. EUR/USD was at 1.2757 from 1.2868 yesterday and GBP/USD was at 1.573 from 1.6009 yesterday. USD/JPY was at 97.217 versus 98.28 yesterday. *

*These levels are taken at 18:00 IST.

Published on  Fri, Nov 7 2008, 14:17 GMT

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The Sterling pared its losses as the aggressive 150 bps rate cut

Thu, Nov 6 2008, 15:26 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee trimmed its initial losses on heavy dollar selling by banks, though the loss in equity markets capped its recovery. The USD/INR pair ended at 47.725 from 47.45 yesterday.

  • • The 6-month and 1-year forward premium was at 2.96% and 2.1% as compared at 2.99% and 2.01% yesterday.

  • • The Sterling pared its losses as the aggressive 150 bps rate cut by BoE resulted in positive economic sentiment. EUR/USD was at 1.2868 from 1.2932 yesterday and GBP/USD was at 1.6009 from 1.5972 yesterday. USD/JPY was at 98.28 versus 99.078 yesterday. *

*These levels are taken at 18:00 IST.

Published on  Thu, Nov 6 2008, 15:26 GMT

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The Sterling lost heavily overnight

Tue, Nov 4 2008, 16:56 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee gained against the Dollar on unwinding of long NDF positions by commercial banks. The USD/INR pair ended at 47.72 from 48.64 yesterday. 

  • • The 6-month and 1-year forward premium was at 2.10% and 1.54% as compared at 2.06% and 1.49% yesterday. 

  • • The Sterling lost heavily overnight on growing expectations of a greater than 50 bps cut in the policy meeting later this week, but also pared some of it losses as the Dollar weakened across the board today. EUR/USD was at 1.2792 from 1.2844 yesterday and GBP/USD was at 1.5879 from 1.6181 yesterday. USD/JPY was at 99.64 versus 99.174 yesterday. *

*These levels are taken at 18:00 IST.

Published on  Tue, Nov 4 2008, 16:56 GMT

4

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Despite Yen weakened against the Dollar as risk aversion retreated slightly

Mon, Nov 3 2008, 15:27 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee gained against the Dollar as equity markets surged following the weekend liquidity infusion measures and on broad Dollar weakness. The USD/INR pair ended at 48.64 from 49.46 on Friday. 

  • • The 6-month and 1-year forward premium was at 2.06% and 1.49% as compared at 2.46% and 1.69% on Friday. 

  • • Despite Yen weakened against the Dollar as risk aversion retreated slightly. EUR/USD was at 1.2844 from 1.2721 on Friday and GBP/USD was at 1.6181 from 1.6172 on Friday. USD/JPY was at 99.174 versus 97.53 on Friday. *

*These levels are taken at 18:00 IST.

Published on  Mon, Nov 3 2008, 15:27 GMT

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The Yen fell as risk aversion cools off with governments' injection of liquidity into the financial system

Mon, Oct 20 2008, 15:50 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee trimmed its intraday gains due to continued selling pressure in stock markets from foreign investors. The USD/INR pair ended at 48.99 from 48.88 on Friday. 

  • • The 6-month and 1-year forward premium was at 0.48% and 0.43% as compared at 0.74% and 0.61% yesterday.

  • • The Yen fell as risk aversion cools off with governments’ injection of liquidity into the financial system. EUR/USD was at 1.3431 from 1.3441 on Friday and GBP/USD was at 1.7383 from 1.7313 on Friday. USD/JPY was at 101.56 versus 100.94 on Friday. *

*These levels are taken at 18:20 IST.

Published on  Mon, Oct 20 2008, 15:50 GMT

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The Yen remained strong against most currencies

Wed, Oct 15 2008, 16:48 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee weakened against the Dollar as FIIs were net sellers in equity markets. The USD/INR pair ended at 48.53 from 48.07 yesterday. 

  • • The 6-month and 1-year forward premium was at 0.49% and 0.40% as compared at 0.19% and 0.24% yesterday. 

  • • The Yen remained strong against most currencies due to uncertainty regarding the effectiveness of the bail out plans. Weaker than expected US retail sales data further deteriorated sentiments. EUR/USD was at 1.3606 from 1.3736 yesterday and GBP/USD was at 1.7542 from 1.7593 yesterday. USD/JPY was at 101.17 versus 102.64 yesterday. *

*These levels are taken at 18:20 IST.

Published on  Wed, Oct 15 2008, 16:48 GMT

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The Japanese Yen depreciated broadly

Wed, Oct 8 2008, 15:53 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee pared most of its losses after the US Fed and 5 other central banks cut rates together. The USD/INR pair ended at 48.00 from 47.88 yesterday. 

  • • The 6-month and 1-year forward premium was at -0.64% and -0.23% as compared at -0.84% and -0.19% yesterday. 

  • • The Japanese Yen depreciated broadly after coordinated interest rate cuts by the US Fed and European and Chinese Central banks, which could help reduce risk aversion in the near term. EUR/USD was at 1.3706 from 1.3693 yesterday and GBP/USD was at 1.7531 from 1.7570 yesterday. USD/JPY was at 100.35 versus 102.64 yesterday. *

*These levels are taken at 17:30 IST.

Published on  Wed, Oct 8 2008, 15:53 GMT

0

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The Euro depreciated against most major currencies

Mon, Oct 6 2008, 16:54 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee fell to its lowest since February 2003 as equity markets plummeted and NDF arbitrage opportunities led to Dollar demand in the domestic spot market. The USD/INR pair ended at 47.82 from 47.07 on Friday.

  • • The 6-month and 1-year forward premium was at -0.35% and 0.12% as compared at 0.44% and 0.57% on Friday.

  • • The Euro depreciated against most major currencies after the unsuccessful attempt to formulate a coordinated bail out plan for European banks. The Yen gained as carry positions were unwound due to rising risk aversion. EUR/USD was at 1.3625 from 1.3815 on Friday and GBP/USD was at 1.7589 from 1.7622 on Friday. USD/JPY was at 103.43 versus 104.7 on Friday. *

*These levels are taken at 17:30 IST.

Published on  Mon, Oct 6 2008, 16:54 GMT

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The Dollar extended losses against the Japanese Yen due to unwinding of carry positions

Tue, Sep 16 2008, 14:33 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee continued to depreciate due to weak equity markets. However, excessive depreciation was restricted due to Dollar selling by public sector banks. The USD/INR pair ended at 46.89 from 46.05 yesterday.

  • • The 6- month and 1-year forward premium was at 1.03% and 0.92% as compared at 21.63% and 1.31% yesterday.

  • • The Dollar extended losses against the Japanese Yen due to unwinding of carry positions. However, it gained against Euro and Sterling as financial sector weakening and poor inflation data worsened sentiments across the Atlantic. EUR/USD was at 1.4240 from 1.4129 yesterday and GBP/USD was at 1.7864 from 1.7797 yesterday. USD/JPY was at 103.61 versus 105.50 yesterday. * 

• *These levels are taken at 18:30 IST.

Published on  Tue, Sep 16 2008, 14:33 GMT

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The Sterling depreciated slightly against the Euro and Dollar

Tue, Sep 9 2008, 13:43 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee weakened slightly as stock markets fell and the Dollar remained strong against most regional currencies. Public sector banks sold Dollars to prevent it from crossing near 2-year highs against the Rupee. The USD/INR pair ended at 44.82 from 44.60 yesterday.

  • • The 6- month and 1-year forward premium was at 3.02% and 2.65% as compared at 2.88% and 2.60% yesterday.

  • • The Sterling depreciated slightly against the Euro and Dollar after worse than expected UK industrial output for July further weakened sentiments for the economy. EUR/USD was at 1.4142 from 1.4231 yesterday and GBP/USD was at 1.7605 from 1.7642 yesterday. USD/JPY was at 108.11 versus 108.64 yesterday. * 

*These levels are taken at 17:30 IST.

Published on  Tue, Sep 9 2008, 13:43 GMT

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Non−farm payrolls for the month of August turned out to be worse than expected

Fri, Sep 5 2008, 15:27 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • · The Rupee pared its initial gains, to touch its lowest level since December 2006, as equity markets remained in the red. However, further depreciation was restricted due to Central Bank intervention. The USD/INR pair ended at 44.66 from 44.38 yesterday.

  • · The 6- month and 1-year forward premium was at 2.83% and 2.56% as compared at 2.63% and 2.46% yesterday.

  • · The Dollar trimmed some of its gains against most majors after non-farm payrolls for the month of August turned out to be worse than expected. EUR/USD was at 1.4292 from 1.4472 yesterday and GBP/USD was at 1.7683 from 1.7822 yesterday. USD/JPY was at 105.97 versus 108.34 yesterday. * 

*These levels are taken at 18:30 IST.

Published on  Fri, Sep 5 2008, 15:27 GMT

0

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The Sterling fell to record lows against most majors

Mon, Sep 1 2008, 14:43 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • · The Rupee weakened today because of weak equity market cues and NDF arbitrage. The fall was however restricted by central bank sale of Dollars around the key 44.25 levels. The USD/INR pair ended at 44.17 from 43.93 on Friday.

  • · The 6 - month and 1-year forward premium was at 2.84% and 2.58 % as compared at 3.36% and 2.86 % on Friday.

  • · The Sterling fell to record lows against most majors after British mortgage approvals fell for the 12th straight month and manufacturing sector contracted for the 4th month in a row, further reinforcing Britain’s Finance Minister’s pessimistic view that the economy might face its worst downturn in 60 years. EUR/USD was at 1.4623 from 1.4734 on Friday and GBP/USD was at 1.8010 from 1.8283 on Friday. USD/JPY was at 107.94 versus 108.75 on Friday. *

*These levels are taken at 17:30 IST.

Published on  Mon, Sep 1 2008, 14:43 GMT

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The Dollar registered sharp gains against most major currencies

Fri, Aug 8 2008, 15:36 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • · The Rupee trimmed its initial losses ending flat after crude started falling and equity markets recovered from the red. USD/INR pair ended at 42.06 from 42.07 yesterday.

  • · The 6 - month and 1-year forward premium was at 4.32% and 3.50% as compared to 4.59% and 3.74% yesterday.

  • · The Dollar registered sharp gains against most major currencies due to cooling crude prices and concerns regarding economic slowdown spreading beyond the US. EUR/USD was at 1.5105 from 1.5442 yesterday and GBP/USD was at 1.9253 from 1.9504 yesterday. USD/JPY was at 109.75 versus 109.23 yesterday. *

*These levels are taken at 17:30 IST.

Published on  Fri, Aug 8 2008, 15:36 GMT

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The Dollar extended its gains against most currencies

Wed, Jul 30 2008, 13:20 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • · The Rupee appreciated due to falling crude prices and positive cues from equity markets. The gain was however restricted by month-end Dollar purchase by oil companies. USD/INR pair ended at 42.35 from 42.63 yesterday.

  • · The 6 - month and 1-year forward premium was at 4.97% and 4.14% as compared to 5.19% and 4.27% yesterday.

  • · The Dollar extended its gains against most currencies as, according to ADP employment data for July, the private sector added jobs against expectations of a decline in employment. EUR/USD was at 1.5556 from 1.5708 yesterday and GBP/USD was at 1.9781 from 1.9872 yesterday. USD/JPY was at 108.1 versus 107.81 yesterday. *

*These levels are taken at 18:00 IST.

Published on  Wed, Jul 30 2008, 13:20 GMT

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The Sterling weakened against the Dollar

Tue, Jul 29 2008, 14:14 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • · The Rupee, although appreciated after the more-than-expected central bank hike in Repo rate (50 bps) and CRR (25 bps), lost its ground ending weaker after the RBI governor announced withdrawal of special open market operations with oil companies, which could lead to higher future Dollar demand. USD/INR pair ended at 42.63 from 42.54 yesterday.

  • · The 6 - month and 1-year forward premium was at 5.19% and 4.27% as compared to 4.69% and 3.88% yesterday.

  • · The Sterling weakened against the Dollar, after trading at firm levels, due to an all time low in retailers’ sentiment according to a survey by Confederation of British Industry. EUR/USD was at 1.5708 from 1.5750 yesterday and GBP/USD was at 1.9872 from 1.9865 yesterday. USD/JPY was at 107.81 versus 107.70 yesterday. *

*These levels are taken at 17:30 IST.

Published on  Tue, Jul 29 2008, 14:14 GMT

0

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The Sterling edged lower versus the Dollar

Thu, Jul 24 2008, 14:15 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee weakened shedding its initial gains due to month-end Dollar demand by oil companies and fears of capital outflows from the India stock markets. USD/INR pair ended at 42.13 from 42.09 yesterday.

  • • The 6- month and 1-year forward premium was at 4.63% and 3.90% as compared to 4.77 % and 4.07% yesterday.

  • • The Sterling edged lower versus the Dollar after a sharper than expected fall in British retail sales boosted expectations of interest rate cut by the BoE. The Euro fell to a two-week low due to a larger than expected drop in German Ifo business sentiment index. EUR/USD was at 1.5673 from 1.5761 yesterday and GBP/USD was at 1.986 from 2.0019 yesterday. USD/JPY was at 107.75 versus 107.68 yesterday. *

*These levels are taken at 17:30 IST.

Published on  Thu, Jul 24 2008, 14:15 GMT

0

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Dollar extended its gains against the Euro and Yen

Wed, Jul 23 2008, 14:49 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee gained against the Dollar today helped by the gains in the domestic stock market following the victory of the Government in the vote of confidence, retreat in global crude oil prices and NDF arbitrage opportunities. USD/INR pair ended at 42.09 from 42.73 yesterday.

  • • The 6- month and 1-year forward premium was at 4.77 % and 4.07% as compared to 5.17 % and 4.34% yesterday.

  • • The Dollar extended its gains against the Euro and Yen following hawkish remarks by Fed’s Plosser and Dollar supportive comments by U.S Treasury Secretary Paulson. The decline in crude oil prices further boosted the currency. EUR/USD was at 1.5761 from 1.5929 yesterday and GBP/USD was at 2.0019 from 2.0064 yesterday. USD/JPY was at 107.68 versus 106.29 yesterday.*

*These levels are taken at 17:30 IST.

Published on  Wed, Jul 23 2008, 14:49 GMT

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Dollar losses

Mon, Jul 21 2008, 15:05 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


• The Rupee ended stronger against the Dollar due to the continuing recovery of the Indian stock market. However, its appreciation was limited as the lower oil prices led to import demand. USD/INR pair ended at 42.76 from 42.82 yesterday.

• The 6- month and 1-year forward premium was at a 5.09 % and 4.29% as compared to 4.78% and 4.14% yesterday.

• The Dollar pared its losses against most major currencies following the better than expected quarterly results posted by Citi Group. EUR/USD was at 1.5829 from 1.5853 yesterday and GBP/USD was at 1.9938from 2.0013 yesterday. USD/JPY was at 106.70 versus 105.62 yesterday.*

*These levels are taken at 17:30 IST.

Published on  Mon, Jul 21 2008, 15:05 GMT

0

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The Dollar fell against all majors

Tue, Jul 15 2008, 15:05 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee weakened today after Flitch Ratings downgraded its outlook on the Rupee. The sharp fall in the domestic stock market also weighed on the currency. USD/INR pair ended at 43.23 from 42.92 yesterday.

  • • The 6- month and 1-year forward premium was at a 5.17% and 4.48% as compared to 5.03% and 4.40% yesterday.

  • • The Dollar fell against all majors as concerns over the health of the U.S economy continued to weigh on investor sentiment. The Pound rose to more than a 3 month high as the strong consumer price data dampened expectations of a near term rate cut. EUR/USD was at 1.5999 from 1.5859 yesterday and GBP/USD was at 2.0103 from 1.9868 yesterday. USD/JPY was at 104.69 versus 106.71 yesterday. *

*These levels are taken at 17:30 IST.

Published on  Tue, Jul 15 2008, 15:05 GMT

0

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The Dollar was up from record low levels

Mon, Jul 14 2008, 15:04 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee ended weaker today as investors bought dollar to take advantage of the off shore arbitrage opportunity. The sentiment for the currency was further affected by the weak domestic stock market. USD/INR pair ended at 42.92 from 42.87 on Friday.

  • • The 6- month and 1-year forward premium was at a 5.03% and 4.40% as compared to 5.18% and 4.46% on Friday.

  • • The Dollar was up from record low levels supported as news of bailout of the GSEs by the U.S government helped restore investor confidence. EUR/USD was at 1.5859 from 1.5819 on Friday and GBP/USD was at 1.9868 from 1.9905 on Friday. USD/JPY was at 106.71 versus 106.59 on Friday. *

*These levels are taken at 17:30 IST.

Published on  Mon, Jul 14 2008, 15:04 GMT

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Further higher global crude oil prices

Fri, Jul 11 2008, 13:44 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee rose today on account of dollar sales by corporates amid thin dollar demand. However, it pared its initial gains after the worse than expected May industrial production data, fall in the domestic stock markets and recovery in crude oil prices. USD/INR pair ended at 42.87 from 42.99 yesterday.

  • • The 6- month and 1-year forward premium was at a 5.18% and 4.46% as compared to 4.68% and 4.05% yesterday.

  • • The Dollar fell against a basket of currencies today on renewed fears over the healthy of the U.S financial sector following news of the U.S government’s likely takeover of U.S mortgage agencies (Freddie Mac and Fannie Mae) if their financial condition worsened. Further higher global crude oil prices, along with the fall in global equities also weighed on the greenback. EUR/USD was at 1.5819 from 1.5699 yesterday and GBP/USD was at 1.9905 from 1.9751 yesterday. USD/JPY was at 106.59 versus 107.25 yesterday. *

*These levels are taken at 17:30 IST.

Published on  Fri, Jul 11 2008, 13:44 GMT

0

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The Dollar rose today after better than expected U.S jobless claims data

Thu, Jul 10 2008, 14:51 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee ended stronger today as steady crude oil prices along with easing political uncertainty boosted sentiment for the local currency. NDF cancellations also supported the Rupee. USD/INR pair ended at 42.99 from 43.12 yesterday.

  • • The 6- month and 1-year forward premium was at a 4.68% and 4.05% as compared to 4.16% and 3.67% yesterday.

  • • The Dollar rose today after better than expected U.S jobless claims data. Markets are now looking towards the testimony by Fed Chairman Bernanke and U.S Treasury Paulson before the Housing Committee later today. EUR/USD was at 1.5699 from 1.5713 yesterday and GBP/USD was at 1.9751 from 1.9729 yesterday. USD/JPY was at 107.25 versus 107.45 yesterday. *

*These levels are taken at 18:00 IST.

Published on  Thu, Jul 10 2008, 14:51 GMT

0

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The Dollar fell against the Euro today as oil prices rebounded on news of Iran missile testing

Wed, Jul 9 2008, 14:34 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee ended stronger today as sentiment for the local currency improved on the back of the sharp rise in the domestic stock market, and the overnight fall in global crude oil prices from record high levels. USD/INR pair ended at 43.12 from 43.26 yesterday.

  • • The 6- month and 1-year forward premium was at a 4.16% and 3.67% as compared to 4.25% and 3.79% yesterday.

  • • The Dollar fell against the Euro today as oil prices rebounded on news of Iran missile testing. Hawkish comments from ECB President Trichet to the European Parliament also supported the Euro against the greenback. EUR/USD was at 1.5713 from 1.5701 yesterday and GBP/USD was at 1.9729 from 1.9749 yesterday. USD/JPY was at 107.45 versus 106.85 yesterday. *

*These levels are taken at 18:00 IST.

Published on  Wed, Jul 9 2008, 14:34 GMT

0

0

The Dollar extended its losses against the majors today

Thu, Jun 26 2008, 14:36 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee rose today helped by the gains in the domestic stock market along with dollar sales by exporters. The USD/INR pair ended at 42.68 from 42.74 yesterday.

  • • The 6- month and 1-year forward premium was at a 4.28% and 3.69% as compared to 4.51% and 4% yesterday.

  • • The Dollar extended its losses against the majors today following yesterday’s less hawkish FOMC statement, which pared market expectations of a near term interest rate hike and weighed on investor sentiment. EUR/USD was at 1.5733 from 1.5585 yesterday and GBP/USD was at 1.9860 from 1.9718 yesterday. USD/JPY was at 107.55 versus 107.97 yesterday. *

*These levels are taken at 17:30 IST.

Published on  Thu, Jun 26 2008, 14:36 GMT

0

0

The Euro rose against the greenback after hawkish comments from ECB members

Wed, Jun 25 2008, 14:55 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee gained today closing at a three week high, helped by the gains in the domestic stock market and dollar sales by exporters. Further, expectation that the surprise repo rate hike by the central bank post market hours yesterday would improve capital inflows also supported the currency. The USD/INR pair ended at 42.74 from 42.97 yesterday.

  • • The 6- month and 1-year forward premium was at a 4.51% and 4% as compared to 4.3% and 3.83% yesterday.

  • • The Euro rose against the greenback after hawkish comments from ECB members including ECB President Trichet today, which further strengthened market expectations of a rate hike by the central bank next week. However, the gains were modest as investors await the Fed rate decision later today for further direction. EUR/USD was at 1.5585 from 1.5558 yesterday and GBP/USD was at 1.9718 from 1.9652 yesterday. USD/JPY was at 107.97 versus 107.93 yesterday. *

*These levels are taken at 17:30 IST.

Published on  Wed, Jun 25 2008, 14:55 GMT

0

0

Euro rose against the greenback

Tue, Jun 24 2008, 15:37 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee pared its early gains and ended flat today as dollar sales by nationalized banks on behalf of the central bank capped the decline arising on account of capital outflows. The USD/INR pair ended at 42.97 same as yesterday.

  • • The 6- month and 1-year forward premium was at a 4.3% and 3.83% as compared to 3.98% and 3.63% yesterday.

  • • The Euro rose against the greenback as better than expected data from France eased fears about the state of the Euro zone economy and as markets await the Fed rate decision due tomorrow for further direction. EUR/USD was at 1.5558 from 1.5516 yesterday and GBP/USD was at 1.9652 from 1.9615 yesterday. USD/JPY was at 107.93 versus 107.87 yesterday. *

*These levels are taken at 17:30 IST.

Published on  Tue, Jun 24 2008, 15:37 GMT

0

0

The Euro plunged against the Dollar today

Mon, Jun 23 2008, 14:27 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee weakened today on account of a capital outflow as the Indian stock market crashed today. However, dollar sales through state run banks prevented a sharp fall in the currency. The USD/INR pair ended at 42.97 from 42.93 on Friday.

  • • The 6- month and 1-year forward premium was at a 3.98% and 3.63% as compared to 3.95% and 3.5% on Friday.

  • • The Euro plunged against the Dollar today after data indicated that German business sentiment fell more than expected in June and activity (PMIs fell below 50) contracted in June. EUR/USD was at 1.5516 from 1.5605 yesterday and GBP/USD was at 1.9615 from 1.9773 yesterday. USD/JPY was at 107.87 versus 107.55 on Friday. *

*These levels are taken at 17:30 IST.

Published on  Mon, Jun 23 2008, 14:27 GMT

0

0

US dollar strengthened against Euro

Thu, Jun 19 2008, 14:41 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee ended down today as foreign banks bought dollars for FIIs noting a sharp decline in the domestic stock market. However, the dollar sales by the state run banks in a bid to curb currency depreciation capped the decline. The USD/INR pair ended at 42.97 from 42.90 yesterday.

  • • The 6- month and 1-year forward premium was at a 3.28% and 2.99% as compared to 2.82% and 2.53% yesterday.

  • • The US dollar strengthened against Euro after an unexpected surge in U.K. retail sales boosted investor optimism while the Swiss franc retreated from its highest since 1991 against the yen after the central bank left interest rates unchanged today at a six-year high. EUR/USD was at 1.5482 from 1.5495 yesterday and GBP/USD was at 1.9700 from 1.9537 yesterday. USD/JPY was at 107.91 versus 108.13 yesterday. *

*These levels are taken at 17:30 IST.

Published on  Thu, Jun 19 2008, 14:41 GMT

0

0

The Pound slid against the Dollar

Wed, Jun 18 2008, 15:30 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee ended marginally down today reflecting losses in the domestic stock market. However, the dollar sales by the state run banks in a bid to curb currency depreciation capped the decline. The USD/INR pair ended at 42.90 from 42.89 yesterday.

  • • The 6- month and 1-year forward premium was at a 2.76% and 2.45% as compared to 2.4% and 2.27% yesterday.

  • • The Pound slid against the Dollar after the BoE minutes for the meeting held June 5 showed the MPC voting 8-1 in favor of a pause, suggesting that aggravating inflationary pressures have severely hamstrung the MPC’s ability to cut rates despite downside risks to growth. EUR/USD was at 1.5495 from 1.5510 yesterday and GBP/USD was at 1.9537 from 1.9569 yesterday. USD/JPY was at 108.13 versus 107.93 yesterday*.

*These levels are taken at 17:30 IST.

Published on  Wed, Jun 18 2008, 15:30 GMT

0

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Dollar surged against the majors

Thu, Jun 12 2008, 14:17 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee ended only marginally stronger, as it pared most of its gains following the repo rate hike by the central bank, due to the strong dollar demand. The USD/INR pair ended at 42.84 from 42.86 yesterday.

  • • The 6- month and 1-year forward premium was at a 2.90% and 2.44% as compared to 2.16% and 1.87% yesterday.

  • • The Dollar, after getting a slight boost from hawkish comments by Fed’s Plosser, surged against the majors after U.S May retail sales surprised markets on the upside. EUR/USD was at 1.5391 from 1.5516 yesterday and GBP/USD was at 1.9445 from 1.9614 yesterday. USD/JPY was at 107.99 versus 107.17 yesterday. *

*These levels are taken at 18:10 IST.

Published on  Thu, Jun 12 2008, 14:17 GMT

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EUR/USD was at 1.5516 from 1.5528 yesterday

Wed, Jun 11 2008, 14:48 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee ended stronger today helped by the rise in the domestic stock market and easing dollar demand by oil companies following the fall in global crude oil prices. The USD/INR pair ended at 42.86 from 42.96 yesterday.

  • • The 6- month and 1-year forward premium was at a 2.16% and 1.87% as compared to 2.62% and 2.17% yesterday.

  • • The Euro was weighed down by comments from ECB Stark where he suggested that the central bank was not looking at a series of rate hikes. EUR/USD was at 1.5516 from 1.5528 yesterday and GBP/USD was at 1.9614 from 1.9563 yesterday. USD/JPY was at 107.17 versus 106.79 yesterday. *

*These levels are taken at 17:30 IST.

Published on  Wed, Jun 11 2008, 14:48 GMT

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The Dollar rose against the majors

Tue, Jun 10 2008, 14:13 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee ended weaker today on account of capital outflows as the domestic stock market fell along with dollar demand by oil companies. However, dollar sales by state run banks supposedly for the central bank capped the currency’s decline. The USD/INR pair ended at 42.96 from 42.87 yesterday.

  • • The 6- month and 1-year forward premium was at a 2.62% and 2.17% as compared to 2.58% and 2.11% yesterday.

  • • The Dollar rose against the majors after yesterday’s speech of Fed Chairman Bernanke, where he warned of growing inflationary concerns, stoking market expectations that the central bank would start to raise rates. EUR/USD was at 1.5528 from 1.5782 yesterday and GBP/USD was at 1.9563 from 1.9791 yesterday. USD/JPY was at 106.79 versus 105.61 yesterday. *

*These levels are taken at 17:30 IST.

Published on  Tue, Jun 10 2008, 14:13 GMT

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Euro extended its gains against the greenback on increasing expectations by markets that the ECB will hike rates in July

Mon, Jun 9 2008, 14:00 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee ended the day weaker on account of the fall in the domestic stock market and rise in dollar demand by oil companies following the spike in oil prices. The USD/INR pair ended at 42.87 from 42.66 on Friday.

  • • The 6- month and 1-year forward premium was at a 2.58% and 2.11% as compared to 2.26% and 1.90% on Friday.

  • • The Euro extended its gains against the greenback on increasing expectations by markets that the ECB will hike rates in July. EUR/USD was at 1.5782 from 1.5660 on Friday and GBP/USD was at 1.9791 from 1.962 on Friday. USD/JPY was at 105.61 versus 105.7 on Friday. *

*These levels are taken at 17:30 IST.

Published on  Mon, Jun 9 2008, 14:00 GMT

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The Dollar held on gains

Thu, Jun 5 2008, 15:16 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee ended down today on account of dollar demand by oil companies. However, dollar sales by state owned banks said to be for RBI and by exporters capped the Rupee’s decline. The USD/INR pair ended at 42.90 from 42.77 yesterday.

  • • The 6- month and 1-year forward premium was at a 2.23% and 1.81% as compared to 2.04% and 1.67% yesterday.

  • • The Dollar held on to its overnight gains made after the Fed Chairman Bernanke once again expressed concerns on inflation, possibly signaling that the rate easing cycle has come to an end. The Euro and Pound were little changed after their respective central banks left the key policy rate unchanged. EUR/USD was at 1.5406 from 1.5468 yesterday and GBP/USD was at 1.9504 from 1.9566 yesterday. USD/JPY was at 106.07 versus 104.625 yesterday. *

*These levels are taken at 17:30 IST.

Published on  Thu, Jun 5 2008, 15:16 GMT

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The British pound dropped the most in four weeks against the greenback

Mon, Jun 2 2008, 14:53 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee lost most of its gains against the dollar on weaker stock markets after benefiting initially following an RBI initiative of providing foreign exchange to the oil refiners, which would likely reduce dollar demand in the currency market. The USD/INR pair ended at 42.40 from 42.46 on Friday.

  • • The 6- month and 1-year forward premium was at a 1.69% and 1.48% as compared to 2.26% and 1.76% on Friday.

  • • The British pound dropped the most in four weeks against the greenback after one of U.K.’s biggest mortgage lender said that it will have to raise more capital due to widening loss provisions. Meanwhile, the yen advanced against most currencies as weak European markets eroded demand for higher yielding currencies. EUR/USD was at 1.5498 from 1.5522 on Friday and GBP/USD was at 1.9622 from 1.9722 yesterday. USD/JPY was at 104.72 versus 105.56 on Friday. *

*These levels are taken at 17:30 IST.

Published on  Mon, Jun 2 2008, 14:53 GMT

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The Rupee weakened today as oil companies stepped up their dollar purchases

Thu, May 29 2008, 14:19 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee weakened today as oil companies stepped up their dollar purchases following the rise in global crude oil prices towards record levels. The USD/INR pair ended at 42.79 from 42.73 yesterday.

  • • The 6- month and 1-year forward premium was at a 2.57% and 1.88% as compared to 2.46% and 1.80% yesterday.

  • • The Dollar, after rising post yesterdays stronger than expected data and hawkish comments from Fed’s Fisher, gave up some of its gains after the release of U.S Q1 GDP which matched expectations and a worse than expected U.S jobless claims data. EUR/USD was at 1.5573 from 1.562 yesterday and GBP/USD was at 1.9785 from 1.9718 yesterday. USD/JPY was at 105.03 versus 105.2 yesterday. *

*These levels are taken at 17:30 IST.

Published on  Thu, May 29 2008, 14:19 GMT

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The Pound was weak today, as markets reacted to the poor U.K housing data

Tue, May 27 2008, 13:51 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee weakened today on persistent dollar purchases by oil companies and other importers to meet their month end dollar demand. The USD/INR pair ended at 42.96 from 42.73 yesterday.

  • • The 6- month and 1-year forward premium was at a 2.40% and 1.75% as compared to 2.07% and 1.55% yesterday.

  • • The Pound was weak today, as markets reacted to the poor U.K housing data. EUR/USD was at 1.5755 from 1.5754 yesterday and GBP/USD was at 1.9771 from 1.9785 yesterday. USD/JPY was at 103.8 versus 103.43 yesterday. *

*These levels are taken at 17:30 IST.

Published on  Tue, May 27 2008, 13:51 GMT

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EUR/USD was at 1.5754 from 1.5746 on Friday

Mon, May 26 2008, 13:53 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


    • • The Rupee, after rising during the day, pared its gains ending marginally weaker on account of strong dollar demand by oil companies and losses in the domestic stock market. The USD/INR pair ended at 42.73 from 42.70 on Friday.

    • • The 6- month and 1-year forward premium was at a 2.07% and 1.55% as compared to 1.80% and 1.38% on Friday.

    • • The Dollar held on to its ground today helped by thin trading volumes as markets in both U.S and U.K are closed today. EUR/USD was at 1.5754 from 1.5746 on Friday and GBP/USD was at 1.9785 from 1.9815 on Friday. USD/JPY was at 103.43 versus 103.54 on Friday. *

    *These levels are taken at 17:30 IST.

    Published on  Mon, May 26 2008, 13:53 GMT

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    The Euro rose to nearly a one−month high against the greenback

    Wed, May 21 2008, 14:13 GMT
    by ICICI Bank Treasury Research Group

    ICICI Bank


      • • The Rupee, ended weaker today amid persistent dollar demand by oil companies as crude oil surged to new record highs and thin dollar supply by exporters. The USD/INR pair ended at 42.83 from 42.64 yesterday.

      • • The 6- month and 1-year forward premium was at a 1.71% and 1.30% as compared to 1.50% and 1.17% on yesterday.

      • • The Euro rose to nearly a one-month high against the greenback after an unexpected rise in German business confidence index. EUR/USD was at 1.5754 from 1.5641 yesterday and GBP/USD was at 1.9660 from 1.9641 yesterday. USD/JPY was at 103.34 versus 104.14 yesterday. *

      *These levels are taken at 17:30 IST.

      Published on  Wed, May 21 2008, 14:13 GMT

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      The Euro rose against the Dollar

      Tue, May 20 2008, 15:25 GMT
      by ICICI Bank Treasury Research Group

      ICICI Bank


      • • The Rupee, after falling to a low of 42.92 on dollar demand by oil companies, recovered slightly helped by dollar sales by exporters. The USD/INR pair ended at 42.64 from 42.53 on Friday.
      • • The 6- month and 1-year forward premium was at a 1.50% and 1.17% as compared to 1.18% and 0.99% on Friday.
      • • The Euro, despite the weak German investor confidence data, rose against the Dollar on comments from a German think tank that interest rates in Euro zone should rise. EUR/USD was at 1.5641 from 1.551 yesterday and GBP/USD was at 1.9641 from 1.9488 yesterday. USD/JPY was at 104.14 versus 104.32 yesterday. *

      *These levels are taken at 17:30 IST.

      Published on  Tue, May 20 2008, 15:25 GMT

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      The Euro lost some of its earlier gains made on account of better than expected data

      Wed, Apr 23 2008, 15:41 GMT
      by ICICI Bank Treasury Research Group

      ICICI Bank


      • • The Rupee, after trading in a narrow band for most part of the day, closed below the 40 mark today driven by dollar demand by oil companies’ foreign investors and nationalized banks. The USD/INR pair ended at 40.05 from 39.96 yesterday.

      • • The 6- month and 1-year forward premium was at a 2.33% and 1.99% as compared to 2.86% and 2.26% yesterday.

      • • The Euro lost some of its earlier gains made on account of better than expected data, after policymakers in the region commented on the Euro’s movements. EUR/USD was at 1.5950 from 1.5930 yesterday and GBP/USD was at 1.985 from 1.9907 yesterday. USD/JPY was at 103.06 versus 103.13 yesterday. *

      *These levels are taken at 17:30 IST.

      Published on  Wed, Apr 23 2008, 15:41 GMT

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      The Euro rose against the Dollar

      Mon, Apr 21 2008, 14:34 GMT
      by ICICI Bank Treasury Research Group

      ICICI Bank


      • • The Rupee lost its early gains ending the day weaker as the central bank was said to be intervening in the fx markets. Dollar demand by oil companies further added to the downward pressure on the rupee. The USD/INR pair ended at 39.97 from 39.92 on Thursday.

      • • The 6- month and 1-year forward premium was at a 3.09% and 2.38% as compared to 2.65% and 1.96% on Thursday.

      • • The Euro rose against the Dollar after hawkish comments by ECB member Liebscher strengthened the belief that ECB would not ease rates in the near future. Worse than expected Q1 2008 results of Bank of America further added to the dollar weakness. EUR/USD was at 1.5906 from 1.5817 on Friday and GBP/USD was at 1.9863 from 1.998 on Friday. USD/JPY was at 103.3 versus 103.67 on Friday. *

      *These levels are taken at 17:30 IST.

      Published on  Mon, Apr 21 2008, 14:34 GMT

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      The Dollar recovered some of its losses today against the Euro

      Thu, Apr 17 2008, 13:59 GMT
      by ICICI Bank Treasury Research Group

      ICICI Bank


      • • The Rupee ended stronger today on account of capital inflows as the domestic stock market rose 1.5%. However, intervention by the central bank capped the currency’s gains. The USD/INR pair ended at 39.92 from 39.96 yesterday.

      • • The 6- month and 1-year forward premium was at a 2.65% and 1.96% as compared to 2.41% and 1.77% yesterday.

      • • The Dollar recovered some of its losses today against the Euro after EU’s Junkers commented that the markets did not correctly understand the G7 message on FX. The Dollar also appreciated against the Yen as risk appetite rose prompting investors to resume carry trade. EUR/USD was at 1.5867 from 1.5932 yesterday and GBP/USD was at 1.9794 from 1.9768 yesterday. USD/JPY was at 102.6 versus 101.32 yesterday. *
      *These levels are taken at 17:30 IST.
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