Posted by MUMBAI, Feb 16 (www.GoldTradingCalls.com).The Indian rupee climbed on Tuesday the partially convertible rupee INR=IN closed at INR 46.21/22 per USD , 0.2 percent above its close of INR 46.32/33 on Monday. It rose as high as INR 46.1350 during trade, its strongest since Feb. 4.
The Indian rupee climbed on Tuesday, supported by a rise in domestic shares and firmer regional peers, but demand for dollars from oil refiners kept a lid on the gains
One-month offshore non-deliverable forward contracts PNDF were quoting at INR 46.14/24, marginally stronger than the onshore spot closing rate, indicating a bullish near-term outlook.
Asian currencies rallied in thin trade on Tuesday, supported by a modest rebound in the battered euro EUR= as the European Union struggled to work out a rescue plan for debt-ridden Greece.
The euro recovered some of its recent losses against the USD on Tuesday, helped by an above-forecast German survey and as investors concluded much of the bad news on Greece’s public finances was priced in for now.
There have been net outflows of about USD 500 million from local shares so far this year, against inflows of USD 17.5 billion in 2009.
In the currency futures market INRFUTURES, the most traded near-month INR=USD contracts on the National Stock
Exchange and MCX-SX both closed at INR 46.22, with the total traded volume on the two exchanges at about a moderate USD 4.9 billion.
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