RUPEE: TRIMS EARLY GAINS
DATE: 02/05/2012
Rupee initiated a higher start to Wednesday, May 02, 2012 tracking positive regional shares but gave up early gains through the day, so far. The domestic currency opened up 9 paise at Rs. 52.65 to a dollar and dropped to a low of 52.82 up till now. A strong rebound in the greenback overnight could possibly be adding some pressure on the domestic currency. However, relatively optimistic local shares are limiting any sharp falls in the domestic currency. In the spot currency market, the Indian rupee was last seen trading at 52.80, lower by 6 paise or 0.11% as compared to previous close at 52.74.
The US dollar bounced back after upbeat U.S. manufacturing data soothed fears the economy was slowing, though gains were kept minimal ahead of key events such as the U.S. jobs data. The dollar hit a high of 1.3203 against the euro and climbed from 2-1/2-month lows against the Japanese yen overnight. The dollar index, a measure of the dollar against a basket of major currencies, also stood off a two-month trough of 78.603 hit on Tuesday.
Domestic equities remained slightly higher in the positive terrain alongside most Asian shares that edged higher on Wednesday after strong US factory activity data eased concerns about a loss of momentum in the world's biggest economy. The market edged higher in early trade to hit its highest level in more than one-week. Foreign institutional investors (FIIs) bought Indian shares worth Rs 479.53 crore on Monday, 30 April 2012, as per provisional data from the stock exchanges. The BSE Sensex was up 57.19 points or 0.33% to 17,376 while the S&P CNX Nifty was up 17.45 points or 0.33% to 5,265.60.
India's exports in March fell for the first time since the 2009 global financial crisis as demand weakened in the United States and Europe, further clouding the outlook for the country's balance of payments. Exports fell 5.7% to $28.7 billion in March 2012 over March 2011. Imports rose 24.3% to $42.6 billion in March.
India's consumer price index (CPI) for industrial workers rose 8.65 percent in March from a year earlier, faster than February's annual rise of 7.57 percent, government data showed on Monday. Meanwhile, India's infrastructure sector output grew 2 percent in March from a year earlier, sharply lower than an upwardly revised annual growth of 6.9 percent in the previous month, government data showed on Monday.
In the domestic currency futures market on the NSE, the forwards month '29 May 12' contract opened on Wednesday, May 02, 2012 at 52.94, higher than the spot market rupee. The contract hit an intraday high at 53.27 and registered a low at around 52.88 so far during the day. At the time of writing, the NSE May 2012 USD/INR contract was trading at around 53.26, up almost 23 paise or 0.43% as compared to previous close at 53.04.
The US dollar bounced back after upbeat U.S. manufacturing data soothed fears the economy was slowing, though gains were kept minimal ahead of key events such as the U.S. jobs data. The dollar hit a high of 1.3203 against the euro and climbed from 2-1/2-month lows against the Japanese yen overnight. The dollar index, a measure of the dollar against a basket of major currencies, also stood off a two-month trough of 78.603 hit on Tuesday.
Domestic equities remained slightly higher in the positive terrain alongside most Asian shares that edged higher on Wednesday after strong US factory activity data eased concerns about a loss of momentum in the world's biggest economy. The market edged higher in early trade to hit its highest level in more than one-week. Foreign institutional investors (FIIs) bought Indian shares worth Rs 479.53 crore on Monday, 30 April 2012, as per provisional data from the stock exchanges. The BSE Sensex was up 57.19 points or 0.33% to 17,376 while the S&P CNX Nifty was up 17.45 points or 0.33% to 5,265.60.
India's exports in March fell for the first time since the 2009 global financial crisis as demand weakened in the United States and Europe, further clouding the outlook for the country's balance of payments. Exports fell 5.7% to $28.7 billion in March 2012 over March 2011. Imports rose 24.3% to $42.6 billion in March.
India's consumer price index (CPI) for industrial workers rose 8.65 percent in March from a year earlier, faster than February's annual rise of 7.57 percent, government data showed on Monday. Meanwhile, India's infrastructure sector output grew 2 percent in March from a year earlier, sharply lower than an upwardly revised annual growth of 6.9 percent in the previous month, government data showed on Monday.
In the domestic currency futures market on the NSE, the forwards month '29 May 12' contract opened on Wednesday, May 02, 2012 at 52.94, higher than the spot market rupee. The contract hit an intraday high at 53.27 and registered a low at around 52.88 so far during the day. At the time of writing, the NSE May 2012 USD/INR contract was trading at around 53.26, up almost 23 paise or 0.43% as compared to previous close at 53.04.
| RBI REF RATE | ||||
| Date | USD | GBP | EURO | YEN |
| 30-APR-12 | 52.52 | 85.49 | 69.61 | 65.54 |
| % Change* | 0.31 | -0.44 | -0.33 | -0.55 |
| *As against previous working day | ||||
POWERED BY: COMMODITY INSIGHTS
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