evening report-april 04

India Rupee Trims gains as share markets fall spurs banks to buy dollar. Custodial banks were seen buying dollars eying weak local shares and a slight demand from foreign institutional investors were also seen. But most of the banks refrained from taking big dollar positions ahead of the U.S. non-farm payrolls data. U.S. dollar was trading firmer against major currencies as investors braced themselves ahead of the release of U.S. jobs data.'The U.S. payrolls have kept many investors sidelined. Euro was seen trading green with German factory orders fell by 0.5% in February. Despite the decline the year-over year numbers improved to 9.0% from a revised 8.9% the month prior. The majority of the decline was a result of automobile orders declining 1.4%, as global demand suffers. The ECB may be hard pressed going forward to refrain from lowering interest rates, despite their inflation concerns. Pound gained and was seen trading green for the day .Activity in the UK service sector slowed which led to some temporary weakness in the British pound. The currency quickly recovered however on the heels of a disappointing US jobless claim report. The Japanese economic calendar has been devoid of any significant data but Many of the Yen crosses have recovered significantly over the past week but further strength will now be contingent upon US non-farm payrolls report.