RUPEE:
REGISTERS A SMALL REBOUND
DATE: 04/06/2012
The Indian rupee commenced slightly higher on Monday, June
04, 2012 tracking a small rebound in the European unit early in Asian hours and
trimming some of the sharp losses made during the previous week. The domestic
currency opened up 11 paise at Rs. 55.50 to a dollar and dipped to a low of
55.58 before bouncing back to a high of 55.28 so far during the day. Domestic
equities however lingered in the negative region up till now, unsupportive for
the local unit. In the spot currency market, the Indian unit was last seen
trading at 55.30, higher by around 31 paise or 0.56% as compared to previous
close at 55.61.
Share markets tumbled on Monday, as investors extended a rout of global stocks because of worries about a nightmare scenario of euro-zone breakup, U.S. economic relapse and a sharp slowdown in China. A bout of volatility was witnessed as domestic key benchmark indices trimmed losses from intraday lows to hit fresh intraday highs. Meanwhile, RBI deputy governor Subir Gokarn was quoted by media on Friday saying the central bank has more room to cut rates after the recent weak Jan-March GDP data and the fall in oil prices.
Asian stocks fell on Monday after a U.S. payrolls report showed fewer jobs were added to the world's largest economy than the most pessimistic forecast, adding to concern the global economy is slowing. Foreign institutional investors (FIIs) sold Indian shares worth a net Rs 220.37 crore on Friday, 1 June 2012, as per provisional figures from the stock exchange. At the time of writing, the BSE Sensex was down 146.97 points or 0.92% to 15,818.19 while the S&P CNX Nifty was down 49.25 points or 1.02% to 4,792.35.
The euro edged back towards a two-year low against the dollar later on Monday, failing to hold the previous session's gains as concerns over the euro zone overcame hopes for more fiscal stimulus in the wake of a grim U.S. jobs report. The euro slid 0.3 percent to $1.2385, moving closer to $1.2288, its lowest level since July 2010 hit on Friday. The euro's sell-off intensified after Spain's borrowing costs spiked on jitters it may need to issue more bonds to bolster ailing banks, putting more stress on markets already anxious that Greece may exit the euro zone. The global pair is currently quoting at 1.2406.
In the domestic currency futures market on the NSE, the front month '27 JUN 12' contract opened at 56.16 on Monday, June 04, 2012, higher than the spot market rupee. The contract hit an intraday high at 56.16 and registered a low at around 55.43 so far during the day. At the time of writing, the NSE June 2012 USD/INR contract was trading at around 55.50, lower by around 65 paise or 1.16% as compared to previous close at 56.15.
Share markets tumbled on Monday, as investors extended a rout of global stocks because of worries about a nightmare scenario of euro-zone breakup, U.S. economic relapse and a sharp slowdown in China. A bout of volatility was witnessed as domestic key benchmark indices trimmed losses from intraday lows to hit fresh intraday highs. Meanwhile, RBI deputy governor Subir Gokarn was quoted by media on Friday saying the central bank has more room to cut rates after the recent weak Jan-March GDP data and the fall in oil prices.
Asian stocks fell on Monday after a U.S. payrolls report showed fewer jobs were added to the world's largest economy than the most pessimistic forecast, adding to concern the global economy is slowing. Foreign institutional investors (FIIs) sold Indian shares worth a net Rs 220.37 crore on Friday, 1 June 2012, as per provisional figures from the stock exchange. At the time of writing, the BSE Sensex was down 146.97 points or 0.92% to 15,818.19 while the S&P CNX Nifty was down 49.25 points or 1.02% to 4,792.35.
The euro edged back towards a two-year low against the dollar later on Monday, failing to hold the previous session's gains as concerns over the euro zone overcame hopes for more fiscal stimulus in the wake of a grim U.S. jobs report. The euro slid 0.3 percent to $1.2385, moving closer to $1.2288, its lowest level since July 2010 hit on Friday. The euro's sell-off intensified after Spain's borrowing costs spiked on jitters it may need to issue more bonds to bolster ailing banks, putting more stress on markets already anxious that Greece may exit the euro zone. The global pair is currently quoting at 1.2406.
In the domestic currency futures market on the NSE, the front month '27 JUN 12' contract opened at 56.16 on Monday, June 04, 2012, higher than the spot market rupee. The contract hit an intraday high at 56.16 and registered a low at around 55.43 so far during the day. At the time of writing, the NSE June 2012 USD/INR contract was trading at around 55.50, lower by around 65 paise or 1.16% as compared to previous close at 56.15.
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RBI
REF RATE
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||||
|
Date
|
USD
|
GBP
|
EURO
|
YEN
|
|
01-JUN-12
|
55.92
|
86.03
|
69.13
|
71.29
|
|
%
Change*
|
0.90
|
1.53
|
1.17
|
0.39
|
|
*As
against previous working day
|
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POWERED BY: COMMODITY
INSIGHTS
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