MM IS Equity

LTP 1 D chng.

57.0350 -0.04

71.2690 -0.18

71.8500 -0.49

89.1436 -0.58

Survey Prior

Durable Good Order (US) 63.50 64.90

USD EUR GBP JPY

57.0728 71.4005 88.9594 71.6000

LTP 1 D chng.

5121 0.12

16907 0.14

S1 S2 R1 R256.5000 56.0000 57.3500 57.8000

NIFTY

SENSEX

USD INR (Spot)

EUR INR

JPY INR

GBP INR

Indices

USD was little changed against the INR as it sustained

above the 56.5 mark. The next resistance is seen

around 57.35. If the currency breaches 57.35 on a

closing basis, it might surge to 57.8 in the near term. On

downside, a short term support is seen around 56.5

and a strong support is seen around 56. (spot levels)

EQUITY RESEARCH Currency Corner

26th June' 2012

nishu.agarwal@bmastock.com

033 40110252

Recap

Data Releases

RBI Reference Rate

Market Watch

Technical Check

Currency

• India’s rupee fell toward a record low on speculation that oil importers stepped up purchases of dollars to pay month-end bills

• The Reserve Bank of India (RBI) hiked the limit of external commercial borrowing (ECB) by USD 10 billion. The regulator also increased the limit of overseas investment in government bonds by USD 5 billion to USD 20 billion

• RBI made efforts to tap investments by qualified foreign investors (QFIs) to resist rupee's downfall against the dollar. QFIs, according to the release, can now invest in mutual fund schemes that hold at least 25% of their assets (either in debt or equity or both) in infrastructure sector under the current USD 3 billion sub-limit for investment in mutual funds related to infrastructure

• The euro fell to the lowest level in more than a week against the yen amid concern that the European Union summit this week will fail to solve the sovereign debt crisis.

• Three-month offshore non-deliverable forwards traded at 58.30 a dollar, compared with 58.28 yesterday

• As per provisional data, foreign Institutional Investors (FIIs) bought shares worth net Rs 153.1 crore on June.25, 2012

• Moody’s Investors Service downgraded more Spanish banks yesterday as German Chancellor Angela Merkel continued to oppose joint euro bonds to resolve the crisis as officials prepare to meet in Brussels on June 28

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