| Date: |
03-10-2012 |
| Subject: |
Rupee rises to fresh 5-month high of 52.26 against dollar |
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The rupee inched higher on bunched inflows tracking strength in global dollar. It traded at 52.26 versus last close at 52.40/41.
Indian markets were closed on Tuesday for a national holiday.
Technicals show INR nearing first major hurdle with 52.18 being the 38.2 percent of 43.85-57.32 rally and subsequently 51.94 marks the 61.8 percent retrace of Feb-June 2012 USD/INR rise.
Euro started trade slightly on the back foot on Wednesday after Spain dented hopes it would soon ask for a bailout, while the Australian dollar threw a fit on prospects of more domestic interest rate cuts following Tuesday's easing.
ADB has cut India's 2012 growth forecast to 5.6 per cent against previous estimates of 7.0 per cent growth.
Source : profit.ndtv.com
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