After a solidly higher start overnight the USD is stalling at near-term highs this afternoon and has given back some gains as sentiment turns more neutral RE: the proposed US bailout. Today's US data was considered neutral-to-bearish for the USD but traders continue to ignore most fundamentals in favor of how the bailout will progress.

The Bombay Stock Exchange, the country's oldest exchange will launch exchange-traded rupee futures on October 1.

Last month, the National Stock Exchange of India kicked off exchange-traded currency futures trading for the first time in India.

The leading commodity bourse MCX Stock Exchange Ltd has also received an in-principle approval from the SEBI for the launch of exchange-traded currency futures.

Late pullback on technical factors; some spillover from GBP. Rate two-way and dips are being bought, follows GBP higher but lots of stops and active buying seen. Light pressure intraday easily absorbed despite fear of pullback. Weekly high below major resistance and rate is inside range so far today suggests a point of indecision. Likely support will hold at the 1.4330 area. Some upside drawn from Cable no doubt.