RUPEE:
UP ON EURO RECOVERY
DATE: 06/06/2012
The Indian rupee commenced higher on
Wednesday, June 06, 2012 tracking the European unit that recovered some its
overnight losses and local shares rose early today alongside most regional
peers. The domestic currency opened up by 25 paise at R. 55.38 to a dollar but
trimmed its initial gains to slip to a low of 55.55 so far during the day. The
RBI is suspected of having intervened in the currency market yesterday. Most
risk sensitive assets rallied early in Asia recouping some of the losses
sustained on Spain's warning it was losing access to credit markets. However,
rupee failed to hold on to its early rise. In the spot currency market, the
Indian unit was last seen trading at 55.54, up around 10 paise or 0.17% as
compared to previous close at 55.63.
Meanwhile, the awaited G7 finance ministers took no steps to assuage fears about Europe's debt crisis on Tuesday, while European Union leaders appeared to be working towards a plan for deeper political integration to underpin the future of the euro. Euro pared some of its overnight losses and climbed higher against the US dollar alongside riskier assets following strong growth data from Australia. The single currency rose to as much as $1.2516, holding well above a two-year low of $1.2288 plumbed last Friday.
Domestic key benchmark indices edged higher in early trade on firm Asian stocks. Asian stocks edged higher on Wednesday, after Group of Seven finance ministers and central bank governors held a conference call on Tuesday, 5 June 2012, in which they agreed to closely monitor developments in Europe. Meanwhile, foreign institutional investors (FIIs) sold Indian shares worth a net R 680.86 crore on Tuesday, 5 June 2012, as per provisional figures from the stock exchange. At the time of writing, the BSE Sensex was up 155.76 points or 0.97% to 16,176.40 while the S&P CNX Nifty was up 51.65 points or 1.06% to 4,914.95.
In the domestic currency futures market on the NSE, the front month '27 JUN 12' contract opened at 55.66 on Wednesday, June 06, 2012, higher than the spot market rupee. The contract hit an intraday high at 55.75 and registered a low at around 55.57 so far during the day. At the time of writing, the NSE June 2012 USD/INR contract was trading at around 55.62, lower by around 29 paise or 0.52% as compared to previous close at 55.92.
Meanwhile, the awaited G7 finance ministers took no steps to assuage fears about Europe's debt crisis on Tuesday, while European Union leaders appeared to be working towards a plan for deeper political integration to underpin the future of the euro. Euro pared some of its overnight losses and climbed higher against the US dollar alongside riskier assets following strong growth data from Australia. The single currency rose to as much as $1.2516, holding well above a two-year low of $1.2288 plumbed last Friday.
Domestic key benchmark indices edged higher in early trade on firm Asian stocks. Asian stocks edged higher on Wednesday, after Group of Seven finance ministers and central bank governors held a conference call on Tuesday, 5 June 2012, in which they agreed to closely monitor developments in Europe. Meanwhile, foreign institutional investors (FIIs) sold Indian shares worth a net R 680.86 crore on Tuesday, 5 June 2012, as per provisional figures from the stock exchange. At the time of writing, the BSE Sensex was up 155.76 points or 0.97% to 16,176.40 while the S&P CNX Nifty was up 51.65 points or 1.06% to 4,914.95.
In the domestic currency futures market on the NSE, the front month '27 JUN 12' contract opened at 55.66 on Wednesday, June 06, 2012, higher than the spot market rupee. The contract hit an intraday high at 55.75 and registered a low at around 55.57 so far during the day. At the time of writing, the NSE June 2012 USD/INR contract was trading at around 55.62, lower by around 29 paise or 0.52% as compared to previous close at 55.92.
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RBI
REF RATE
|
||||
|
Date
|
USD
|
GBP
|
EURO
|
YEN
|
|
05-JUN-12
|
55.56
|
85.52
|
69.50
|
70.82
|
|
%
Change*
|
-0.08
|
-0.27
|
-0.93
|
0.27
|
|
*As
against previous working day
|
||||
POWERED BY: COMMODITY
INSIGHTS
www.goldennifty.com
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