RUPEE: ERASES EARLY GAINS
DATE: 02/07/2012
The Indian rupee commenced higher on Monday, July 02, 2012 tracking strength in Asian shares with sentiment brightening at the start of the third quarter after Europe agreed to shore up the region's banks. The domestic currency opened up by 5 paise at R. 55.62 to a dollar, climbed to a high of 55.52 before dipping to a low of 55.75 so far during the day. Local shares however remained bleak, close to the red line, unsupportive of the domestic currency. In the spot currency market, the Indian unit was last seen trading at 55.71, down around 6 paise or 0.11% as compared to previous close at 55.67.
The European unit however gave up some of its gains amid concerns that the debt crisis is still far from over. The rally in the euro and high-beta currencies took a breather on Monday as investors looked for fresh reasons to extend a risk rally sparked by initial euphoria over perceived progress in efforts to resolve Europe's debt crisis. The single common currency slipped from weekend high of 1.2691 to almost 1.2613 against the greenback, early today.
Volatility continued as key benchmark indices recovered after weakening to hit fresh intraday lows in morning trade. Firm Asian stocks aided recovery. Asian stocks headed for their longest winning streak since March on Monday as manufacturing indicators in Japan and China beat forecasts and European leaders agreed on measures to ease the debt crisis. Foreign institutional investors (FIIs) bought shares worth a net R 3,046.77 crore on Friday, 29 June 2012, as per provisional data from the stock exchanges. At the time of writing, the BSE Sensex was down 6.93 points or 0.04% to 17,423.05 while the S&P CNX Nifty was up 1.60 points or 0.03% to 5,280.50.
In the domestic currency futures market on the NSE, the forward month July contract opened on Monday, July 02, 2012 at 55.78, higher than the spot market rupee. The contract hit an intraday high at 55.94 and registered a low at around 55.71 so far during the day. At the time of writing, the NSE July 2012 USD/INR contract was trading at around 55.93, down by around 17 paise or 0.30% as compared to previous close at 56.10.
The European unit however gave up some of its gains amid concerns that the debt crisis is still far from over. The rally in the euro and high-beta currencies took a breather on Monday as investors looked for fresh reasons to extend a risk rally sparked by initial euphoria over perceived progress in efforts to resolve Europe's debt crisis. The single common currency slipped from weekend high of 1.2691 to almost 1.2613 against the greenback, early today.
Volatility continued as key benchmark indices recovered after weakening to hit fresh intraday lows in morning trade. Firm Asian stocks aided recovery. Asian stocks headed for their longest winning streak since March on Monday as manufacturing indicators in Japan and China beat forecasts and European leaders agreed on measures to ease the debt crisis. Foreign institutional investors (FIIs) bought shares worth a net R 3,046.77 crore on Friday, 29 June 2012, as per provisional data from the stock exchanges. At the time of writing, the BSE Sensex was down 6.93 points or 0.04% to 17,423.05 while the S&P CNX Nifty was up 1.60 points or 0.03% to 5,280.50.
In the domestic currency futures market on the NSE, the forward month July contract opened on Monday, July 02, 2012 at 55.78, higher than the spot market rupee. The contract hit an intraday high at 55.94 and registered a low at around 55.71 so far during the day. At the time of writing, the NSE July 2012 USD/INR contract was trading at around 55.93, down by around 17 paise or 0.30% as compared to previous close at 56.10.
| RBI REF RATE | ||||
| Date | USD | GBP | EURO | YEN |
| 29-JUN-12 | 56.31 | 88.06 | 70.91 | 70.90 |
| % Change* | 1.07 | 0.95 | 0.48 | 1.09 |
| *As against previous working day | ||||
POWERED BY: COMMODITY INSIGHTS
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