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2008-11-21 FRIDAY

In another instance of aggressive policymaking, the Swiss National Bank slashed its key benchmark interest rate by 100bp in a surprise decision earlier yesterday. By reducing its three-month Libor target rate to 1.0%, the SNB will “provide the Swiss Franc money market generous and flexible supply of liquidity.” The swift move comes amid efforts by central banks like the RBA and RBNZ to side-step the affect of global recessionary conditions on the domestic economy.Today in the Asian Market the Yen couold rise further as a large fall in U.S stocks, will keep risk aversion alive and well heading into the weekend. Rupee Opened today at 50.45000/50.4600 against its previous close of 50.2000 /50.2100 and expected to trade in 49.9000–50.6000 range.
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Dollar Rupee

 
Midday Report

2008/11/21 FRIDAYAY

The Indian Rupee opened weak However, dollar sales from state-owned banks presumably on behalf of Reserve Bank of India prevented further rise in the spot rate.With Stocks rising we expect the Rupee also to strengthen.
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INR Rates

Symbol   Bid  ASK
USD48.98 49
GBP83.17784 83.20233
EUR64.67319 64.68789
JPY0.48476 0.48495
CHF42.45839 42.47312
AUD33.64926 33.67375
SGD33.06778 33.08565
CAD40.62034 40.63719
NZD30.04923 30.06392
*Closing Rates on : 2008-10-21

Stock Indices

IndexPointsChange
BSE Sensex8697.48246.47
S&P CNX Nifty2628.375.15
NASDAQ1036.51-51.09
HangSeng12815.5516.94
FTSE 1003874.99-130.69
DJ IA7552.29-444.99
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