Rupee Update - Euro Rupee View - 03-Dec-2007 1734 IST or 1204 GMT Euro-Rupee View for next 3 days: Fall towards 57.50 Current level: 58.07 Previous level: 58.44 (As on 29-Nov-07) Overall View: EUR-INR hit 2007 high of 59.05 on 27-Nov and has fallen sharply from there, a fall which was not entirely unexpected, as we had been pointing out for it. This looks to be a corrective fall, and over the next few days the cross could be rangebound without any clear directional move. View for the next 3 days: EUR-INR has fallen sharply over the last few days, which is a direct result of a fall in the Euro internationally. Importantly, there could be further fall towards 57.50 in the EUR-INR in the next few days, as Euro is expected to remain under pressure ahead of the ECB meeting on Thursday. On the upside the Resistance is at 58.40. Exposure Cover: Payables - Maintain cover at 80% for 1-Month Payables Maintain cover at 40% for 2-4 Month Payables Maintain cover at 45% for 5-12 Month Payables Receivables - Maintain cover to 70% for 1-Month Receivable Maintain cover at 35% for 2-4 Month Maintain cover at 15% for 5-12 Month Receivable Happy Trading!

Want to READ MORE?? Then Register Now! Already a Registered User for Rupee Report? Then CLICK HERE!