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Rupee hits two-month high against dollar |
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Indian rupee surged to a two month high Wednesday against the dollar thanks to rally in domestic stocks after the UPA government wins trust vote Tuesday.
Rupee ended at 42.09/10 per dollar, off a high of 42.0850, its strongest since May 13, but still 1.5 percent stronger than Tuesday's close of 42.73/74.
Improvement on the political front, global stock market recovery and slip in oil prices are the main reasons for rupees surge, said analysts.
Shares rose 5.9 percent on Wednesday, their biggest single-day rise in four months, as investors betted the government would revive stalled economic reforms after it won the vote.
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| FOREX Reports |
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Rupee closes in the red |
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Indian rupee ended trading Friday Rupee at 44.65/66 per dollar, from the previous close of 44.35/36, as losses in the local share market raised concerns about further foreign fund outflows.
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Rupee nosedives to 21 month low |
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Indian rupee nosedived to its lowest in 21 months on Friday as a stock market slide triggered concerns of further foreign fund outflows. |
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Japanese foreign reserves decline in August |
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Asia’s largest economy, Japan’s foreign exchange reserves declined for the first time in three months at the end of August, the Japanese Finance Ministry said.
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| Technical Calls |
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Commodities recap - evening of 5th Sept, 2008 |
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Bullions remained subdued in morning session although they eased little and slides below $800, drop in crude pressurized gold. Precious metal stayed under pressure on the dollar's strength and weaker oil prices. |
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Flashback-Energy-5th Sept, 2008 |
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Crude Oil prices fell yesterday by more than $1, as concern over falling demand outweighed unexpected drop in crude oil inventories. |
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Status Report of Commodities for Sept 5, 2008 |
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Gold fell for the fourth straight day as the euro weakened against the dollar, eroding the appeal of the precious metal as an alternative investment. Silver was little changed. The euro fell as much as 1.2 percent against the dollar after the Europea |
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