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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.


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