EVENING REPORT
Rupee extended gains against the dollar as banks persistently sold the greenback for exporters amid weak demand from oil companies. Exporters have been selling dollars since morning but no bids are seen from oil companies. Dollar sales from a very large private bank also helped rupee to gain. However, dollar demand from some importers limited a sharp rise in the Indian unit above 42.70 rupees per $1.The dollar was little changed ahead of of a reading on existing home sales for April. Traders considered a flurry of economic news from across the Atlantic, including UK GDP and European PMI data. yen strengthened from a 25-day low and advanced to 103.48 levels. EURO showed mixed trading against its major counterparts .The Euro advanced to 1.5741 against the US dollar and is now worth 1.5724Euro zone manufacturing PMI fell and The German manufacturing PMI indicator eased slightly .Following the release of British first quarter gross domestic product results, the British pound was quoted at 1.9799 against the dollar.
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