Thursday, May 20, 2010

Rupee Likely To Bounce Back Today: Nirmal Bang

Rupee Likely To Bounce Back Today: Nirmal Bang
Nirmal Bang has come out with its report on rupee. According to the research firm the Indian rupee should bounce today from its biggest single-day fall in 15 months in the previous session, supported by better outlook for domestic shares and the euro's pull-back.

Nirmal Bang research report:

The Indian rupee posted its biggest single-day fall in 15 months yesterday as emerging market stocks tumbled following Germany's decision to tighten financial regulation while the euro's decline hurt sentiment. The INR closed at 46.36/ 37 per dollar after hitting 46.41, its weakest since Feb. 25 and 1.64 percent below Tuesday's close of 45.60/61.

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