The rupee opened at 46.30 levels not much lower than
its one year lowest but was soon bailed out slightly
to 46.27 visa-vis the dollar.
large state bank's dollar sales helped the rupee slightly
and eased it to 46.27 levels this morning, but this
might be a temporary feature with GTB being under RBI
moratorium and a already low inflow of foreign funds
might continue the down sentiment. Traders might just
watch the market and wait for RBI support for the rupee.
Japanese data bucks up the yen against the dollar and
the Euro specially, after the poor US data and also
not much better data coming forth from Europe. The dollar
gave in some gains made against the Euro in anticipation
of interest rate hikes by the Federal Reserve hinted
by their chairman. The dollar lost some steam despite
Greenspan's earlier positive statement about the US
economy. Further US economic indicators to be released
this weak will determine the dollar's fate.