Daily Market Report: Forex

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, 14:18 GMT

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