The Indian rupee extended upmove on Wednesday by opening at 67.74 a dollar, up 12 paise compared to 67.86 in previous session. This consistent recovery is led by rally in equity markets on hopes of rate cut post pricing in Union Budget. NS Venkatesh of IDBI Bank said, "The USD-INR strengthened yesterday and will take cues from the way the equity market as well as the crude prices behave. The pair is expected to trade between 67.80-67.90/dollar."
EUR/USD fell slightly on Tuesday to drop to fresh one-month lows, as euro zone manufacturing activity last month expanded at its slowest pace in a year, intensifying the pressure on the European Central Bank to inject stronger easing measures at a highly-anticipated meeting next week. The currency pair traded between 1.0835 and 1.0894, before settling at 1.0868, down 0.0018 or 0.17% on the session. The euro has fallen against the dollar in each of the last three sessions and 11 of the last 13. Since surging to three-month highs on February 11, the euro has plummeted by more than 3.75% against its American counterpart. EUR/USD likely gained support at 1.0538, the low from December 3 and was met with resistance at 1.1496, the high from Oct. 15.
Supply risks to bolster oil; OPEC unlikely to fill deficit: Reuters poll intraday Stock Tips
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