RUPEE: Jumps To A 1-Week High
DATE: 29/06/2012
The Indian rupee commenced higher on Friday, June 29, 2012 tracking the euro that surged overnight against the US dollar over optimism from the EU summit. Moreover, hopes that long-stalled reforms will pick up pace after Prime Minister Manmohan Singh asked officials to chart a revival in the economy, perked up investor confidence. The domestic currency opened higher by 21 paise at Rs 56.61 to a dollar and slipped to a low of 56.66 before rebounding to a high of 56.47 so far during the day, its highest level in a week. Positive domestic equities also propped up the local unit. In the spot currency market, the Indian unit was last seen trading at 56.49, up around 33 paise or 0.58% as compared to previous close at 56.82.
Euro surged 1.2 percent, poised to make its biggest daily jump in 8 months after European leaders agreed on Friday to create a single supervisory body for euro zone banks and allow them to be recapitalized directly by the currency area's rescue fund without adding to government debt. Euro however halted sharp gains early in Asia today. The common currency soared 1.2 percent to $1.2626, pulling away from a low of 1.2407 marked on Thursday, but cut some of its overnight gains to be currently trading at 1.2571 versus the greenback.
Domestic indices surged to their highest level in more than 8 weeks after European leaders unveiled a plan to address Europe's distressed banking sector. Asian stocks and US index futures surged after European leaders today, 29 June 2012, unveiled a plan to address Europe's distressed banking sector. European Union leaders announced a plan for a single financial supervisor for the region, as part of short-term measures to help stabilize markets. European Commission President Herman van Rompuy said that the mechanism will involve the European Central Bank and that there will be the possibility of direct recapitalization for European banks
Meanwhile, foreign institutional investors (FIIs) sold Indian shares worth a net Rs 1112.63 crore on Thursday, as per provisional data from the stock exchanges. At the time of writing, the BSE Sensex was up 241.32 points or 1.42% to 17,232.08 while the S&P CNX Nifty was up 71.90 points or 1.40% to 5,221.05.
In the domestic currency futures market on the NSE, the '27 JUN 12' contract expired on Wednesday and was settled at 57.22. The forward month July contract opened on Friday, June 29, 2012 at 56.90, higher than the spot market rupee. The contract hit an intraday high at 56.98 and registered a low at around 56.71 so far during the day. At the time of writing, the NSE July 2012 USD/INR contract was trading at around 56.74, down by around 36 paise or 0.64% as compared to previous close at 57.11.
Euro surged 1.2 percent, poised to make its biggest daily jump in 8 months after European leaders agreed on Friday to create a single supervisory body for euro zone banks and allow them to be recapitalized directly by the currency area's rescue fund without adding to government debt. Euro however halted sharp gains early in Asia today. The common currency soared 1.2 percent to $1.2626, pulling away from a low of 1.2407 marked on Thursday, but cut some of its overnight gains to be currently trading at 1.2571 versus the greenback.
Domestic indices surged to their highest level in more than 8 weeks after European leaders unveiled a plan to address Europe's distressed banking sector. Asian stocks and US index futures surged after European leaders today, 29 June 2012, unveiled a plan to address Europe's distressed banking sector. European Union leaders announced a plan for a single financial supervisor for the region, as part of short-term measures to help stabilize markets. European Commission President Herman van Rompuy said that the mechanism will involve the European Central Bank and that there will be the possibility of direct recapitalization for European banks
Meanwhile, foreign institutional investors (FIIs) sold Indian shares worth a net Rs 1112.63 crore on Thursday, as per provisional data from the stock exchanges. At the time of writing, the BSE Sensex was up 241.32 points or 1.42% to 17,232.08 while the S&P CNX Nifty was up 71.90 points or 1.40% to 5,221.05.
In the domestic currency futures market on the NSE, the '27 JUN 12' contract expired on Wednesday and was settled at 57.22. The forward month July contract opened on Friday, June 29, 2012 at 56.90, higher than the spot market rupee. The contract hit an intraday high at 56.98 and registered a low at around 56.71 so far during the day. At the time of writing, the NSE July 2012 USD/INR contract was trading at around 56.74, down by around 36 paise or 0.64% as compared to previous close at 57.11.
| RBI REF RATE | ||||
| Date | USD | GBP | EURO | YEN |
| 28-JUN-12 | 56.92 | 88.91 | 71.25 | 71.68 |
| % Change* | 0.52 | 0.58 | 0.30 | 0.35 |
| *As against previous working day | ||||
POWERED BY: COMMODIY INSIGHTS
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