Indian Notes Racket Smashed by Nepal Police

Published on in Foreign Exchange News by

Foreign Exchange Overnight/Morning Ranges:

Rates EUR/USD 1.4142-1.4227

Rates GBP/USD 1.5953-1.6014

Rates GBP/EUR 1.1246-1.1290

A special team of police from Central Investigation Bureau arrested the notorious smuggler Iltaf Hussain Ansari alleged to be running the smuggling racket and an Indian currency racket for over a decade. Ansari has been a friend-turned-rival of Yunus Ansari who was arrested in January 2010 following seizure of fake Indian notes and brown sugar from his driver.

Nepal Police described Ansari’s arrest as ”He is perhaps the cleverest criminal ever seen in the smuggling arena here.
Ansari hails from Prastuka village of Bara district near Nepal-India border and whenever the police reaches his birthplace, the villagers helped him to escape, according to the policemen involved in his arrest.

It emerged Friday that Italy may get drawn into the Euro Zone contagion mire. Both internal political instability and their debt repayment scheduling (which is reported to be horrendous), being the causes.

The European Council have called an emergency meeting for today. The result is a weaker Euros as we trade below the pivotal level of €/$ 1.4200.

Despite initial USD weakening on Friday after disappointing US job data , the USD has strengthened due to weaker stock markets over Euro Zone contagion worries. Sterling also opens stronger against the Euro but below $ 1.6000 in sympathy with the stronger USD scenario.

EUR/USD currently 1.4137. Support 1.3900, resistance 1.4200.

GBP/USD currently 1.5966. Support 1.5700, resistance 1.6000.

GBP/EUR currently 1.1288. Support 1.1100, resistance 1.1350.

Oil $ 95.40 Gold $ 1546

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