RUPEE: RISES ON EURO OPTIMISM
DATE: 11/06/2012
The Indian rupee commenced higher on Monday, June 11, 2012 as euro jumped in early Asia today after euro zone finance ministers agreed to lend Spain up to $125 billion to shore up its struggling banks, relieving markets that had feared for the country's fiscal collapse. Domestic equities also climbed higher propping up the local unit. The domestic currency opened up by 30 paise at Rs. 55.17 to a dollar and hit a high of 55.08 before edging back to a low of 55.32 so far during the day. In the spot currency market, the Indian unit was last seen trading at 55.26, higher by around 21 paise or 0.38% as compared to previous close at 55.47.
Key benchmark indices surged in early trade as euro-zone debt worries eased after Spain's Finance Minister Luis de Guindos said the country is seeking European Union loans for as much as 100 billion euros ($125 billion) to help its struggling banking sector. Asian stock markets zoomed higher on Monday, after news of a plan to shore up Spanish banks, the source of much recent global financial anxiety. Foreign institutional investors (FIIs) bought Indian shares worth a net Rs 202.01 crore on Friday, 8 June 2012, as per provisional figures from the stock exchange. At the time of writing, the BSE Sensex was up 160.56 points or 0.95% to 16,879.43 while the S&P CNX Nifty was up 46.35 points or 0.91% to 5,114.70.
Shares, commodities and the battered euro jumped on Monday owing to Spain optimism. However, the relief may be short lived, as investors look forward to a Greek national election on June 17 that could put Athens on a path out of the bloc and precipitate a deeper crisis over the future of the euro. The euro rose nearly 1 percent to $1.26694, its highest level since May 23, before retreating to trade at $1.2642.
In the domestic currency futures market on the NSE, the front month '27 JUN 12' contract opened at 55.45 on Monday, June 11, 2012 higher than the spot market rupee. The contract hit an intraday high at 55.45 and registered a low at around 55.20 so far during the day. At the time of writing, the NSE June 2012 USD/INR contract was trading at around 55.34, lower by around 38 paise or 0.68% as compared to previous close at 55.72.
Key benchmark indices surged in early trade as euro-zone debt worries eased after Spain's Finance Minister Luis de Guindos said the country is seeking European Union loans for as much as 100 billion euros ($125 billion) to help its struggling banking sector. Asian stock markets zoomed higher on Monday, after news of a plan to shore up Spanish banks, the source of much recent global financial anxiety. Foreign institutional investors (FIIs) bought Indian shares worth a net Rs 202.01 crore on Friday, 8 June 2012, as per provisional figures from the stock exchange. At the time of writing, the BSE Sensex was up 160.56 points or 0.95% to 16,879.43 while the S&P CNX Nifty was up 46.35 points or 0.91% to 5,114.70.
Shares, commodities and the battered euro jumped on Monday owing to Spain optimism. However, the relief may be short lived, as investors look forward to a Greek national election on June 17 that could put Athens on a path out of the bloc and precipitate a deeper crisis over the future of the euro. The euro rose nearly 1 percent to $1.26694, its highest level since May 23, before retreating to trade at $1.2642.
In the domestic currency futures market on the NSE, the front month '27 JUN 12' contract opened at 55.45 on Monday, June 11, 2012 higher than the spot market rupee. The contract hit an intraday high at 55.45 and registered a low at around 55.20 so far during the day. At the time of writing, the NSE June 2012 USD/INR contract was trading at around 55.34, lower by around 38 paise or 0.68% as compared to previous close at 55.72.
| RBI REF RATE | ||||
| Date | USD | GBP | EURO | YEN |
| 08-JUN-12 | 55.36 | 85.64 | 69.21 | 69.88 |
| % Change* | -0.40 | -0.49 | 0.04 | -0.53 |
| *As against previous working day | ||||
POWERED BY: COMMODITY INSIGHTS
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