| Date: |
09-04-2012 |
| Subject: |
Forex: USD/INR climbs to 2-week high |
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FXstreet.com (San Francisco) - The Indian rupee is under performing along with Asian shares this Monday as global risk aversion weighs on sentiment, enabling USD/INR to reach a 2-week high of 51.41, stalling just below the 50% retracement zone of the 54.30/48.55 decline.
At time of writing, the pair is at 51.37 versus 51.11 late Wednesday. Indian markets were closed Thursday and Friday for religious holidays.
According to a dealer with a privately-run bank, "The equity market cues and the euro are weak and there is also a rising concern about global growth after the lower-than-expected US non-farm payrolls data Friday," he said in a recent interview with Dow Jones Newswires.
Friday's data showed U.S. payrolls grew by 120,000 in March, far below the expected gain of 203,000 jobs for the smallest rise since October, keeping the door open for the Federal Reserve to provide more monetary support to the fragile economy.
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Source : community.nasdaq.com
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