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Foreign Exchange Market Analysis Report:

International Forex Market Trend / Comments / Information / Report and Rates provided below was last updated in part or full on Friday, September 05, 2008 - 10:33 am (GMT +05:30:00) - Indian Standard Time.

Live Market Rates (Updated Frequently):

Trend Indicators against INR
- - - - - - - - - - - - - - - - USD-----------------EURO----------GBP
Previous day-----44.2100/44.5300---63.65/64.65 77.90/79.15
Today's opening-44.5400/44.5600---63.10/64.00 77.70/78.60
Expected range for today
---------------------44.3000/44.7000-------------------------------
& current month-42.5000-45.5000----------------------------------

Yesterday, Rupee opened the trade at 44.40/42 without any gap. Initial dollar bids from banks triggered the Rupee to weaken upto the level of 44.53. Thereafter, pipeline inflows supported by exporter dollar sales aided the Rupee to recoup its losses and Rupee gained upto 44.21. In the later session, dollar demand from import corporates once again weakened the Rupee and the Rupee finally closed the day at 44.35/36.

SPOT/INR :
Today Rupee opened the trade with the wide negative gap at 44.54/56 due to strengthening of dollar in the overseas market. Surging oil companies’ dollar demand and stronger dollar overseas could hold the Rupee in a weaker bias today too. RBI is likely to intervene through state-owned banks like other Asian counterparts could help the Rupee to narrow its losses. Exporters dollar supply could also cap any sharp weakness of Rupee.

Forward Premium :
On Wednesday, forward premiums opened higher but easing of domestic treasury yields eased the pressure on forward premiums. Today premiums are likely to ease tracking the domestic treasury yields and spot Rupee weakness.

Global Developments :
Strengthening of dollar in the overseas market continued on the strength of better than expected Manufacturing data and ECB chairman’s Trichet comments on Euro Zone economy. Global key stock indices are in deep red. Oil and Gold prices eased further on Dollars’ gain.

Near Term Outlook for Rupee:
Rupee is likely to trade in the weaker bias noting the dollars’ gain overseas.

FACTORS FOR AND AGAINST RUPEE ARE:
FOR:
1. Indian economy showing good prospects
2. Higher forex reserves.


Against:
1. Widened trade deficit.
2. Global concerns over financial markets.

Indicative / Forward / Cross Rates:

Note: This information is given only for guidance purpose without any obligation on the part of TMB or any of its officials. Any person dealing on the basis of the said information does so at his own risks and no objection arises to TMB or any of its officials. All such trading involves risks.

Card Rates:

Exchange Rates Information last updated in part or full on Friday, September 05, 2008 - 10:33 am (GMT +05:30:00) for ready transactions. All quotations are per unit of Foreign Currency (Japanese Yen in 100 Units).

Prime Rates:

Prime Rates for US Dollar w.e.f. June 30, 2006 is 8.25%

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