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  1. 1. weekly Forex Report (7 MAY 2012)Weekly News  Indian rupee falls for 5th week.  Indian rupee rebounds; RBI intervention debated  Dollar drops on jobs data, euro sinks before elections  Euro dips ahead of elections, U.S. jobs dataWeekly trends of the market  The The dollar slipped against the yen in volatile trading on Friday after a government report showed U.S. employers added fewer jobs in April than expected, providing further evidence the economic recovery was losing momentum. The euro edged lower, while the Australian and New Zealand dollars tumbled as the data prompted investors to shed riskier, growth- linked currencies for safer investments such as Treasuries. U.S. employers added 115,000 workers last month, well below expectations of 170,000. The unemployment rate fell to 8.1 percent but only because more people left the workforce. Jobs growth in previous months was revised upwards. The data followed a string of weak readings on the economy that fueled speculation of more monetary stimulus from the Federal Reserve.  The Indian rupee staged a late recovery on Friday that sparked debate about central bank intervention, but is still within reach of a lifetime low after posting a fifth successive week of falls on rising fears of foreign outflows. "It seems that RBI came in to supply the market at around 53.65 levels. But the rupees recovery was largely due to squaring off of positions by foreign banks ahead of U.S. non-farm payrolls and selling by a large corporate," said the chief dealer with a foreign bank.
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