Indian Rupee erased its early morning gains after local equity markets
turned negative. The rupee is currently trading at 68.06/$, lower by 11
paise from its previous close of 67.95/$ on Wednesday.
On the global front, US dollar traded on a steady note against the Euro and British Pound, however surged higher against other emerging market currencies. In this respect, Russian ruble collapsed to a new low of 80, impacted by the descent in oil prices. Mexican peso also fell to a record low of 18.47, down by 6.5% on YTD basis.
Brazilian real weakened further as the country's central bank stated that it may abandon plans to hike interest rates to combat inflation. Economists project that Brazil's recessionary conditions will aggravate and stability in the economy can be restored only once political concerns mitigate.
BUY GBPINR ABOVE ABOVE 96.49 TGS 96.59-96.69-96.79 STOPLOSS 96.29
FOREX TRADING TIPS
On the global front, US dollar traded on a steady note against the Euro and British Pound, however surged higher against other emerging market currencies. In this respect, Russian ruble collapsed to a new low of 80, impacted by the descent in oil prices. Mexican peso also fell to a record low of 18.47, down by 6.5% on YTD basis.
Brazilian real weakened further as the country's central bank stated that it may abandon plans to hike interest rates to combat inflation. Economists project that Brazil's recessionary conditions will aggravate and stability in the economy can be restored only once political concerns mitigate.
BUY GBPINR ABOVE ABOVE 96.49 TGS 96.59-96.69-96.79 STOPLOSS 96.29
FOREX TRADING TIPS
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