The rupee ended at 46.55 against the dollar, above Tuesday’s close of 46.68. The dollar index, a gauge of the US unit’s performance versus six majors, was down 0.4% by late evening.
The sterling and the euro extended losses on Wednesday, dipping below the $1.62-mark for the first time since mid-October, hurt by worries about Britain’s fiscal position. The Indian forex market
tracks the euro and the sterling for clues.
The sterling fell as low as $1.6199, the lowest since October 15. The euro also fell to a one-month low against the dollar on Wednesday, as investors unwound positions in riskier assets ahead of the year-end, prompted, in part, by rising debt woes for Greece and Dubai.
Middle Eastern development and real estate concern asked for a six-month standstill agreement with creditors. More importantly today, perhaps, Fitch cut Greece’s credit rating to BBB+ from A- and cited concerns over Greece’s medium-term outlook for public finances. This downgrade in sovereign credit risk impacted the common currency and this could put a small amount of upward pressure on eurozone interest rates, especially if there are concerns that other eurozone countries face a similar action from the ratings agencies. A further decline in corporate and sovereign credit ratings or credit outlooks could negatively impact the markets and lead to additional safe-haven buying. These credit actions come at a time when the U.S., U.K., and Japan face immense questions over their public finances with some speculators guessing at least one of those sovereign names could experience a credit downgrade in due course.
(Bid Price) (Today’s Intraday Range)
EUR/ USD 1.4704 1.4867, 1.4679
USD/ JPY 88.38 89.47, 88.17
GBP/ USD 1.6287 1.6476, 1.6255
USD/ CHF 1.0266 1.0285, 1.0163
AUD/USD 0.9046 0.9163, 0.9019
USD/CAD 1.0631 1.0670, 1.0486
NZD/USD 0.7073 0.7171, 0.7046
EUR/ JPY 129.98 132.68, 129.65
EUR/ GBP 0.9026 0.9093, 0.9007
GBP/ JPY 143.99 147.15, 143.57
CHF/ JPY 86.07 87.75, 85.84
Support Resistance Support Resistance
EUR/ USD USD/ JPY
L1. 1.4470 1.4915 88.60 93.30
L2. 1.4355 1.5140 87.10 95.50
L3. 1.4175 1.5360 86.10 98.85
GBP/ USD USD/ CHF
L1. 1.6115 1.6685 1.0275 1.0580
L2. 1.5720 1.6830 1.0040 1.0695
L3. 1.5405 1.7040 0.9750 1.0885
AUD/ USD USD/ CAD
L1. 0.8450 0.8830 1.0535 1.0945
L2. 0.8300 0.9050 1.0365 1.1125
L3. 0.8070 0.9120 1.0155 1.1355
NZD/ USD EUR/ JPY
L1. 0.6880 0.7125 131.45 135.75
L2. 0.6750 0.7260 129.75 136.90
L3. 0.6535 0.7395 127.00 138.75
EUR/ GBP EUR/ CHF
L1. 0.8795 0.8995 1.5110 1.5380
L2. 0.8675 0.9105 1.4905 1.5580
L3. 0.8320 0.9225 1.4670 1.5880
GBP/ JPY CHF/ JPY
L1. 146.10 152.50 86.30 88.65
L2. 142.05 157.75 85.40 90.10
L3. 135.70 161.70 81.55 91.60
