Intraday Analysis from FXMarketAlerts.com
Receive FREE Weekly Strategies.Published at 04:15 (GMT) 16 Aug
In catch up action SENSEX resumed trade up 1.1% after a long weekend (markets were closed yest), with USD/INR also pulling back to 45.18 lows soon after the opening bell on interbank and real sell orders. Stock index however pared part gains soon after as caution seeps in ahead of Franco-German summit with lingering expectations that the meet will be of little consequence. USD/INR inching back towards 45.24 as we write, with range of 45.10-45.40 slated for the day. Bond yields (due 2022) continued to upside march towards 8.45% from depths of sub-8.35% last week amid heightened risk-aversion. Meanwhile local press reported that veteran activist Anna Hazare and few other supporters were detained by police ahead of his mass hunger strike today and could see some backlash on the govt and delay parliament proceedings as the day proceeds. In comments yest, Iran central bank officials said India had already paid two-thirds of its oil debt, adding that Iran was ready to accept gold as payment if necessary. Oil-related bids were cited limiting USD/INR downside in recent weeks. RR
Source: http://www.fxstreet.com/technical/market-view/fxmarketalerts/2011-08-16.v11.html
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