USD/INR up after Fitch warns of US rising debt, weak shrs
Dollar/rupee opened up Thursday on increased risk aversion after Fitch raised concerned about the rising debt in the US and also on fear that cheap loans from European Central Bank to euro zone banks was not enough to contain the debt crisis in Europe
Fitch Ratings on Wednesday warned again that the US' rising debt burden was not consistent with maintaining the country's top 'AAA' credit rating, but said there would likely be no decision on whether to cut the rating before 2013.
Adding to this was the month-end dollar demand from oil importers and year-end dollar remittance by overseas funds ahead of Christmas and New Year celebration
Investors also expected to see the continued easing trend of weekly food inflation due later today, which could help the central bank reverse its tight monetary policy stance.
Base Metals Likely To Remain Volatile Near-Term
Base metals are likely to remain volatile near term as investors are convinced that European policy makers are not capable of devising a satisfactory and sustainable solution to the region's sovereign debt crisis
Precious metals are trading mixed, with gold slipping in early Asian trade.Market remains choppy and in thin market conditions due to the Christmas holidays, it is no surprise.
Note:- USDINR Spot has very strong support @ 52.48.Taking Support of 52.48 level,It may go upto 54.40 level.Once broken this level,it may go upto level1 52 and level2 51.40.
Rohit Saxena
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