Dollar pair fell on Thursday even as equity bound bullish economic data . opened down by paisa to open the day below 48 levels and then went to make a low at Rs.47.77/USD before closing the day at 47.85. The markets remained
closed on Friday on account of Public Holiday in the country.
The Trade data which was released on Thursday showed a decline in export on y‐o‐y basis as Merchandise shipments dropped 19.4% in
august from a year earlier after sliding 28.4% in July. However the data was better than the previous months data which provided hope of
full recovery in coming months. Imports also showed considerable improvement from that of previous month with imports falling by
32.4% in August from 37.1% in July. Inflation continued to remain positive with WPI rising by 0.83% against expectation of 0.70%.
In the international markets Dollar index rose to 77.5 levels after release of Unemployment rate figures which rose to 9.8% from 9.7%
previous. However on Monday morning the index was quoting around 76.75 levels.
With Nifty quoting 75 points down in Singapore exchanges we expect a gap up opening for the dollar. However in medium term we expect a
range bound movement for the currency pair between 47.50 and 48.50.
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