MIDAS FOREX

Asian stocks fell for a third day today, as rising unemployment in the U.S. and Europe stoked concern the global economic recovery is faltering. The U.S. unemployment data confirms that the economy remains very fragile at the moment. The sustainability of the share market recovery has to be confirmed by further improving economic fundamentals. In New York, the S&P 500 slumped 2.9 percent after the Labor Department said U.S. employers cut 467,000 jobs in June, over 100,000 more than economists had forecast. That pushed the nation’s unemployment rate to 9.5 percent, a level not seen since August 1983. Futures on the S&P 500 lost 0.1 percent today. Europe’s unemployment rate also increased to 9.5 percent in May to the highest level since 1999. Jean-Claude Trichet, the European Central Bank governor, said the bank will maintain interest rates at 1 percent for coming months. “It took years for us to get into this mess, and it’s going to take us more than a few months to turn it around,” U.S. President Barack Obama said. Rupee opened at 48.0800/0900 against the previous closing of 47.9400/9500 and expected to trade in 47.9000 /48.3000 ranges today.

Dollar Rupee

Midday Report

2009/07/03 FRIDAY

Rupee fell against the greenback in early trade today because the banks bought dollars anticipating shares to fall tailing overseas markets. At the opening the Banks purchased the greenback noting its rise against key Asian currencies today. The US payroll data dampened sentiment for shares across the globe. So expectations are that shares here may also fall. The Rupee is closely tracking the movements in the local share market ahead of the Railway Budget today and General Budget Monday. With the Stocks moving from negative to positive territory, the Rupee has also strengthened to 48.00 when the reports were prepared. Rupee may move in the 47.90-48.10 bands in rest of trade.

INR Rates

	Symbol	Bid	ASK
	USD	47.07	47.09
	GBP	77.65138	77.6655
	EUR	66.84881	66.86294
	JPY	0.49007	0.49022
	CHF	44.04004	44.05653
	AUD	38.33852	38.35734
	SGD	32.67389	32.68977
	CAD	43.24697	43.26287
	NZD	30.33191	30.35074
*Closing Rates on : 2009-06-03

Stock Indices

Index

Points

Change

BSE Sensex	14913.05	254.56
S&P CNX Nifty	4424.25	75.4
NASDAQ	1446.28	-35.06
HangSeng	18203.4	25.35
FTSE 100	4291.65	49.11
DJ IA	8280.74	-223.32