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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.


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