RUPEE: EXTENDS STREAK BELOW RS57/$ ON EURO WOES
DATE: 27/06/2012
The Indian rupee edged lower at commencement on Wednesday, June 27, 2012 as risk aversion persisted with investors seemed convinced a European summit this week will fail to take concrete action to solve the euro debt crisis. Asian equities as well as euro remained on the sidelines although gains in the domestic shares limited any sharp fall in the domestic currency. Rupee opened marginally lower by 2 paise at Rs 57.06 to a dollar and slipped to a low of 57.16 so far during the day. In the spot currency market, the Indian unit was last seen trading at 57.11, off early lows but down around 7 paise or 0.12% as compared to previous close at 57.04.
The central bank was forced to intervene heavily in markets to prop up the rupee after it fell to as low as 57.20 at one point in the session, threatening to approach the record low of 57.32 hit on Friday.
Domestic benchmark indices surged in early trade on reports Prime Minister Manmohan Singh will take charge of the Finance Ministry portfolio after Pranab Mukherjee resigned his post as finance minister on Tuesday, 26 June 2012, to run in July's presidential election. The barometer index, BSE Sensex, moved past the psychological 17,000 mark. Gains in Asian stocks underpinned sentiments. Asian stocks rose after upbeat data on housing market in the United States, the word's biggest economy. Foreign institutional investors (FIIs) bought Indian shares worth a net Rs 13.03 crore on Tuesday, 26 June 2012, as per provisional data from the stock exchanges. At the time of writing, the BSE Sensex was up 105.78 points or 0.63% to 17,012.36 while the S&P CNX Nifty was up 33.65 points or 0.66% to 5,154.45.
The euro inched higher on Wednesday after hitting a two-week low the previous day, but gains were halted by the dashing of hopes that a European summit could deliver concrete measures to ease the region's debt crisis. Hopes faded that a European summit would deliver concrete measures to ease the region's sovereign debt crisis. The euro edged up 0.1 percent to $1.2507 and stayed above Tuesday's trough of $1.2441, which was the euro's lowest level since June 8.
In the domestic currency futures market on the NSE, the front month '27 JUN 12' contract that is due for expiry today opened at 57.00 on Wednesday, June 27, 2012, lower than the spot market rupee. The contract hit an intraday high at 57.13 and registered a low at around 56.97 so far during the day. At the time of writing, the NSE June 2012 USD/INR contract was trading at around 57.12, up by around 9 paise or 0.15% as compared to previous close at 57.03.
The central bank was forced to intervene heavily in markets to prop up the rupee after it fell to as low as 57.20 at one point in the session, threatening to approach the record low of 57.32 hit on Friday.
Domestic benchmark indices surged in early trade on reports Prime Minister Manmohan Singh will take charge of the Finance Ministry portfolio after Pranab Mukherjee resigned his post as finance minister on Tuesday, 26 June 2012, to run in July's presidential election. The barometer index, BSE Sensex, moved past the psychological 17,000 mark. Gains in Asian stocks underpinned sentiments. Asian stocks rose after upbeat data on housing market in the United States, the word's biggest economy. Foreign institutional investors (FIIs) bought Indian shares worth a net Rs 13.03 crore on Tuesday, 26 June 2012, as per provisional data from the stock exchanges. At the time of writing, the BSE Sensex was up 105.78 points or 0.63% to 17,012.36 while the S&P CNX Nifty was up 33.65 points or 0.66% to 5,154.45.
The euro inched higher on Wednesday after hitting a two-week low the previous day, but gains were halted by the dashing of hopes that a European summit could deliver concrete measures to ease the region's debt crisis. Hopes faded that a European summit would deliver concrete measures to ease the region's sovereign debt crisis. The euro edged up 0.1 percent to $1.2507 and stayed above Tuesday's trough of $1.2441, which was the euro's lowest level since June 8.
In the domestic currency futures market on the NSE, the front month '27 JUN 12' contract that is due for expiry today opened at 57.00 on Wednesday, June 27, 2012, lower than the spot market rupee. The contract hit an intraday high at 57.13 and registered a low at around 56.97 so far during the day. At the time of writing, the NSE June 2012 USD/INR contract was trading at around 57.12, up by around 9 paise or 0.15% as compared to previous close at 57.03.
| RBI REF RATE | ||||
| Date | USD | GBP | EURO | YEN |
| 26-JUN-12 | 57.07 | 88.96 | 71.40 | 71.60 |
| % Change* | -0.95 | -0.98 | -0.80 | -1.49 |
| *As against previous working day | ||||
POWERED BY: COMMODITY INSIGHTS
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