USD/INR DAILY

The bumps created by the Dubai fiasco appear to be gradually digested by the world financial markets as the markets put it behind and looked for fresh fundamentals. But certainly India has surprised the markets with its GDP numbers as it put up a, impressive growth of 7.9% for the october ending quarter. This makes the case stronger for the tightening of the monetary policy, the bond markets responded immediately and the yields rose by 7bps for 10Y note. The Australian central bank is expected to announce its interest rate decision as our markets open, and it is widely expected that they will rise the rates by 25bps to 3.75%, this will continue to push the central banks across the globe to think seriously about the withdrawal of the stimulus measures and the tightening of the monetary policy in order to control the upcoming inflation. Data for Today Expected Previous Coming home, the Indian export and import figures for the month will be out today which will set the tone for the day in the pair, we may see the Dec. contract opening at 46.50 levels and stay in the range of 46.30 and 46.60 for the day.