Articles & Finance Updates

UAE is about to introduce bonds in early 2012, As per the Minister of Financial Affairs Mr. Obeid Humaid Al Tayer in Abu Dhabi on Tuesday, “Proceeds from a bond sale would be used to cover the country’s budget deficit” Only if necessary. 

Federal bonds selling in Dubai raised $1.25 billion in September and received $5 billion against the bond sales.

The greenback continued to post more gains as in fresh trading of the week demand of US currency appreciated heavily in the currency exchange market. The local currency started off new week’s trading at Rs.85.50 for buying and Rs.86.00 for selling, posted fresh gains amid high demand and was trading at Rs.85.60 for buying and Rs.86.10 for selling at close of markets on Monday. Thus, rupee shed another 0.10 paisas versus US dollar in the forex rate market.

In the interbank market US dollar was being traded at Rs.85.70 for buying and Rs.85.90 for selling at close of markets on Monday.

Declined in the price of Pound Sterling was seen as its demand gave up major grounds in the forex rate market. The Pound set off today’s trading at Rs.134.50 for buying and Rs.135.69 for selling, incurred losses amid downward trend in demand and was changing hands at Rs.133.64 for buying and Rs.134.96 for selling on Monday. Thus, rupee recovered 0.86 paisas versus UK’s currency in the currency exchange market.

Dollar versus Rupee:

Weekly trend:

Demand of US currency continued to rise as US dollar registered gain of 0.30 paisas versus rupee in the currency exchange market this week. Moreover, US dollar remained stronger versus its major counterparts in the international market. The US dollar was being traded at Rs.85.50 for buying and Rs.86.00 for selling at close of markets on Saturday. However, on Monday the greenback was changing hands at Rs.85.30 for buying and Rs.85.80 for selling at close of markets.  

Short term outlook:

From our previous reports and fundamental and technical aspect we might see rise in the price of US dollar in coming days. Since last three weeks US dollar being traded on a positive note in the currency exchange market.