Rupee stayed firm as custodial banks were believed to have sold dollars on behalf of foreign funds investing in the local share market. The rupee however faced tough resistance around 39.90 because of dollar purchases by government-owned banks. dollar-Weekly initial claims and the Philadelphia Fed sentiment indicator are due today. The number of individuals filing first-time claims for unemployment insurance is expected to increase to 375,000 in the week to April 12, following a surprise drop to 357,000 claims in the previous week. Meanwhile, the Philadelphia Federal Reserve Bank survey of manufacturing conditions is expected to improve slightly to -15.0 in April from -17.4 in the previous month. But even if expectations are proven correct, there is no denying that the general outlook for the United States economy remains gloomy The hapless U.S. dollar was pinned close to its record low against the Euro as attention once again turned to interest rate differentials. The European Central Bank has to contend with rising prices as evidenced by upward revision of Euro zone inflation for March. YEN opened firmer and reached a high of 102.53levels.The Japanese trade ministry revised earlier industrial production figures for February to an increase of 1.6% from a decline of 1.2%. The positive numbers have tempered expectations of a recession for the country and reduced calls for a rate cut by the BoJ. The pound meanwhile stayed on the back foot as market players ignored news yesterday that the UK labor market remains tight.
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