Aug 31 2013

U.S led efforts to punish Syria over the use of chemical weapons against the civilians got a setback when Britain decided not to join any military action against Syria because of parliamentarian decision. Therefore a tensed situation has converted into a wait and watch situation so in the next week the rate of dollar will be stable. Economic indication, which will be announced on Friday, will have a great impact on USD currency market.

Federal Reserve will reduce the stimulus from the next month as the Dollar gains a 4 week high because of acceleration in Economic growth and decline in jobless claims. US dollar advanced for a second day versus yen as benchmark treasury yields climbed towards a two year high that will strengthen dollar. After the decision of central bank to sell dollar to the biggest oil importers, Indian rupee humped up to 3%. Euro fell against its 16 most traded counterparts. 

Rate range Projection by bank:

Next Week      :    97.50 – 99.50

Next 3 Months  :   90.00 – 105.00