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The Yen strengthened against Dollar
Saturday, January 12, 2008
by ICICI Bank Treasury Research Group
- The Rupee ended steady today against the Dollar for the third successive day as persistent intervention by RBI prevented any gains arising out of capital inflows. The USD/INR pair ended at 39.28 from 39.29 yesterday.
- The 6-month and 1-year forward premium was at 1.90% and 1.54% as compared to 1.75% and 1.41% yesterday.
- The Yen strengthened against the Dollar on renewed fears over the impact of the ongoing credit market crisis as global equities tumbled on rumours that write downs by Merrill Lynch from subprime market would be around USD 15bn. The Pound on the other hand continued with its declining trend as industrial output came in below expectations strengthening the expectations of a rate cut by BoE next month. EUR/USD was at 1.4776 from 1.4648 yesterday and GBP/USD was at 1.958 from 1.9565 yesterday. USD/JPY was at 108.85 from 109.87 yesterday. *
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January 12, 2008 at 12:29 PM
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