Rupee Recovers Hits 60.45

The Indian rupee hit a five-week high and snapped a four-day losing streak on Wednesday as risk was back in favour after Ukraine and Russia agreed on a ‘permanent ceasefire’ helping local shares hit record highs yet again.

The dollar sales by Japanese banks come on the back of the Indian Prime Minister’s first major foreign trip to Japan, from where he returned earlier in the day.

The euro climbed against almost every other major currency after the ceasefire news, which offers some comfort to the euro zone economy that has borne the brunt of the impact of the conflict.

Traders said there was, however, good resistance for the rupee at around 60.35-40 levels with state-run banks jumping in to buy the US greenback.

via India Times

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza