RUPEE:
DRAGGED BELOW RS56/$ ONCE AGAIN
DATE: 30/05/2012
Mounting concerns over the Euro
region once again snapped risk appetite, taking the US dollar higher on safe
haven demand, in turn dragging down the Indian rupee below the Rs 56 per dollar
mark, once again. The domestic currency opened lower by 33 paise at 56 to a
dollar and dropped further to touch a low of 56.17 so far during the day. Euro
also plunged sharply alongside local shares, over fears about Spain's banking
woes. In the spot currency market, the Indian unit was last seen trading at
56.13, down around 46 paise or 0.82% as compared to previous close at 55.67.
Asian shares slipped and the euro touched a 23-month low on Wednesday, as fears mounted that Spain's banking woes will push its borrowing costs to unsustainable levels while signs emerged that China may move cautiously on stimulus measures to bolster its economy. The euro fell to a two-year low against the dollar on worries about soaring Spanish bond yields. The single common currency slipped to a low of 1.2457 early in Asia today, before rebounding back to 1.2467 versus the dollar. Meanwhile, the dollar index, measured against a basket of major currencies, rose above 82.61, it's highest since September 2010.
Key benchmark indices edged lower in early trade on weak Asian stocks. Asian stock markets fell on Wednesday, paring strong gains from the previous session as hopes for strong stimulus spending in China faltered, and as more trouble in Spain posed fresh threats to the euro zone. Meanwhile, foreign institutional investors (FIIs) bought Indian shares worth a net Rs 90.50 crore on Tuesday, as per provisional figures from the stock exchange. At the time of writing, the BSE Sensex was down 96.54 points or 0.55% to 16,348.08 whereas S&P CNX Nifty was down 32.50 points or 0.65% to 4,957.60.
In the domestic currency futures market on the NSE, the '29 May 12', expired yesterday and was settled at 55.58. The front month '27 JUN 12' contract opened at 56.10 on Wednesday, May 30, 2012 higher than the spot market rupee. The contract hit an intraday high at 56.47 and registered a low at around 56.10 so far during the day. At the time of writing, the NSE June 2012 USD/INR contract was trading at around 56.40, higher by around 38 paise or 0.69% as compared to previous close at 56.01.
Asian shares slipped and the euro touched a 23-month low on Wednesday, as fears mounted that Spain's banking woes will push its borrowing costs to unsustainable levels while signs emerged that China may move cautiously on stimulus measures to bolster its economy. The euro fell to a two-year low against the dollar on worries about soaring Spanish bond yields. The single common currency slipped to a low of 1.2457 early in Asia today, before rebounding back to 1.2467 versus the dollar. Meanwhile, the dollar index, measured against a basket of major currencies, rose above 82.61, it's highest since September 2010.
Key benchmark indices edged lower in early trade on weak Asian stocks. Asian stock markets fell on Wednesday, paring strong gains from the previous session as hopes for strong stimulus spending in China faltered, and as more trouble in Spain posed fresh threats to the euro zone. Meanwhile, foreign institutional investors (FIIs) bought Indian shares worth a net Rs 90.50 crore on Tuesday, as per provisional figures from the stock exchange. At the time of writing, the BSE Sensex was down 96.54 points or 0.55% to 16,348.08 whereas S&P CNX Nifty was down 32.50 points or 0.65% to 4,957.60.
In the domestic currency futures market on the NSE, the '29 May 12', expired yesterday and was settled at 55.58. The front month '27 JUN 12' contract opened at 56.10 on Wednesday, May 30, 2012 higher than the spot market rupee. The contract hit an intraday high at 56.47 and registered a low at around 56.10 so far during the day. At the time of writing, the NSE June 2012 USD/INR contract was trading at around 56.40, higher by around 38 paise or 0.69% as compared to previous close at 56.01.
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RBI
REF RATE
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||||
|
Date
|
USD
|
GBP
|
EURO
|
YEN
|
|
29-MAY-12
|
55.58
|
87.14
|
69.73
|
69.93
|
|
% Change*
|
-0.58
|
-0.40
|
-0.14
|
-0.43
|
|
*As
against previous working day
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POWERED BY: COMMODITY
INSIGHTS
www.goldennifty.com
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