The euro fell the most in a week today; amid concern sovereign-debt risk will hinder the fiscal health of European banks, denting prospects for the region’s recovery. The 16-nation currency weakened against all of its major counterparts after an industry group said Germany’s 10 largest lenders may need fresh capital to meet new regulations. The yen rose for a second day versus the euro as economists predicted the Bank of Japan will forego fresh liquidity injections at the end of a policy meeting today. South Korea’s won fell for the first time in five days amid speculation the central bank intervened to curb appreciation. . Rupee opened at 46.6200/46.6300 against its previous closing of 46.53/5400 and expected to trade in 46.5000/46.7000 Range today.
The rupee fell today, weighed by weakness in other Asian currencies but the domestic share market is positive and needs to be watched for Rupee’s direction. . Euro\'s fall to below $1.2800 compared with $1.2865 Monday and the weakness in other Asian currencies had resulted in a weak opening for the rupee. Dollar demand from importers is also keeping downward pressure on the rupee. The All India bank strike is also having its toll on the trading volumes in the Forex markets. Intraday we expect the Rupee to move in the range of 46.55 to 46.75.
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