The Indian rupee bounced back from near one-month lows on Thursday, halting its slide seen this week, helped by dollar sales by exporters taking profits. The partially convertible rupee closed at 47.21/22 per dollar, off a low of 47.6250 seen in early deals which was down 2.4 percent on the week, and 0.3 percent stronger than its previous close of 47.34/35.  The rupee came under pressure earlier on the day owing to the customary month-end dollar demand from refiners.

 Recommendation

Sell in the range of 47.10-47.20 stop loss above 47.50 Target 46.60-46.30

The dollar and yen may extend their losses against the euro after dropping the most in at least seven weeks as the U.S. economy grew in the third quarter more than economists forecast, encouraging higher-yield demand. The U.S. and Japanese currencies slid yesterday versus most of their 16 major counterparts tracked by Bloomberg as stocks and commodities rallied and Treasuries fell. The pound rose for a fourth day against the dollar as U.K. mortgage approvals climbed to the highest level in 18 months.

Recommendation

Sell in the range of 91.60-91.70 stop loss above 92.30 Target 91.00-90.60

EURUSD                                                             CMP: 1.4850

The euro rebounded against the dollar and yen as improved stocks in the U.S. and Europe added to risk appeal. Encouraging economic data in the Euro zone and a better-than-forecast GDP report in the U.S. also provided spark. German unemployment unexpectedly dropped in October as various measures to boost employment proved effective in curbing rising joblessness amid the global economic crisis.

Recommendation

Buy in the range of 1.4810-1.4790 stop loss below 1.4750 Target 1.4910-1.4950