Forex Rate

Following is Forex Rate as on 28-11-2009

Currency Rates  in INR        

Name                                              Rate

Australian Dollar (AUD)                   42.35

British Pound (GBP)                       77.02

Canadian Dollar (CAD)                    43.94

Chinese Yuan (CNY)                       6.83

Danish Krone (DKK)                        9.40

Euro (EUR)                                    69.95

Hong Kong Dollar (HKD)                  6.02

Iraqi Dinar (IQD)                              0.04

Japanese Yen (JPY)                        0.54

Kuwaiti Dinar (KWD)                       163.49

Omani Rial (OMR)                           121.20

Pakistani Rupee (PKR)                     0.56

Qatar Rial (QAR)                             12.82

Saudi Arabian Riyal (SAR)                12.45

Singapore Dollar (SGD)                     33.62

South African Rand (ZAR)                  6.28

Swedish Krona (SEK)                        6.70

Swiss Franc (CHF)                           46.40

UAE Dirham (AED)                           12.71

US Dollar (USD)                                46.68

Great Recovery in Indian Market

Well it was a wonderful day for treaders. Buy on dips and Sell on high is a good strategy in this kind of market. Due to Dubai debt effect, indian market crashed and hit the days low at 16210 down 644 but after that, it ended at 16632 down 222 and nifty at 4941 down 64

As I said in my earlier post, RBI announced that none of indian bank has exposure to Dubai, indian market recovered very sharply under Bank's leadership

Dubai's debt crisis has put Indian equities as well as global markets on fire since yesterday. The crack across the globe emerged when emirate said two of its flagship firms planned to delay repayment of billions of dollars in debt. The markets feared that this debt default could affect other countries as they are trying to recover from global meltdown.

But the benchmark indices as well as European shares discounted most of the news, due to which Indian equities recovered more than 2/3rd of losses in the last couple of hours, led by buying from insurance companies. The Nifty closed the day above 4,900 level while the Sensex above the 16,600 level.

Market Crashed with effect of Dubai debt

Its look like a black friday in whole world as per economy point of view. Yesterday Europe markets were closed 3% down.

In Dubai, State-backed networks named as Dubai Inc. is in debt of $80 billion and can not pay for atleast 6 month. Due to its impact, the compnies which have exposure to Dubai are in danger now. As soon as this news spread, it looks like 2nd crisis has been started in world. Hongkong market is down by 700 points. Indian market opens 400 point down which never been in 2009. Now analysist seems this as a corretion and predict to correct up to 14500 level. Right now Sensex is treading at 16318 down 537 points (3.2%) and Nifty is at 4839 down 166 points (3.33%)

Scary thing is that nifty is not taking any support at all. All the major supports are broken very easily and for bulls, it has so many strong resistance.

It may be ended 600 down today. And may be 300-400 down on Monday. If Indian Government wants to save investor's money, they have to take some encouraging steps