RUPEE: COMMENCES LOWER FOR FIRST TIME IN WEEK
DATE: 20/07/2012
The Indian rupee ended its firm opening four day streak and commenced lower on Friday, July 20, 2012 tracking Asian shares and the euro that were trading a tad weaker. The domestic currency opened lower by 15 paise at 55.28 to a dollar and climbed to a high of 55.10 before easing some of its intraday highs so far during the day. Local shares slipped lower into the negative terrain that could further weigh down the domestic unit. In the spot currency market, the Indian unit was last seen trading at 55.20, down around 7 paise or 0.13% as compared to previous close at 55.13.
Domestic benchmark indices edged lower amid initial volatility. Weakness in Asian shares also hurt sentiment adversely on the domestic bourses. Asian stocks were mostly lower on Friday after weak economic data in the US overnight. Meanwhile, political worries weighed on the bourses following reports Nationalist Congress Party (NCP) chief Sharad Pawar and party member Praful Patel have sent their resignations to Prime Minister Manmohan Singh for not being given due credit for their work and seniority in the government.
Foreign institutional investors (FIIs) are buying Indian stocks this month. FIIs bought shares worth a net R 125.78 crore on Thursday, 19 July 2012, as per provisional data released by the stock exchanges. At the time of writing, the BSE Sensex was down 52.78 points or 0.31% to 17,226.07 while the S&P CNX Nifty was down 11.10 points or 0.21% to 5,231.60.
Meanwhile, the euro fell against the dollar on Friday, undermined by worries about Spain's fiscal woes and recent falls in shorter-term euro zone interest rates. Weak demand at a bond auction pushed Spain's 10-year bond yield above 7 percent on Thursday for the first time in more than a week, intensifying doubts over whether Madrid can avoid a full-blown bailout. The euro fell 0.2 percent to $1.2257, staying above a two-year low of $1.2162 hit last week.
In the domestic currency futures market on the NSE, the forward month July contract opened on Friday, July 20, 2012 at 55.28, higher than the spot market rupee. The contract hit an intraday high at 55.34 and registered a low at around 55.17 so far during the day. At the time of writing, the NSE July 2012 USD/INR contract was trading at around 55.25, up by around 4 paise or 0.08% as compared to previous close at 55.20.
Domestic benchmark indices edged lower amid initial volatility. Weakness in Asian shares also hurt sentiment adversely on the domestic bourses. Asian stocks were mostly lower on Friday after weak economic data in the US overnight. Meanwhile, political worries weighed on the bourses following reports Nationalist Congress Party (NCP) chief Sharad Pawar and party member Praful Patel have sent their resignations to Prime Minister Manmohan Singh for not being given due credit for their work and seniority in the government.
Foreign institutional investors (FIIs) are buying Indian stocks this month. FIIs bought shares worth a net R 125.78 crore on Thursday, 19 July 2012, as per provisional data released by the stock exchanges. At the time of writing, the BSE Sensex was down 52.78 points or 0.31% to 17,226.07 while the S&P CNX Nifty was down 11.10 points or 0.21% to 5,231.60.
Meanwhile, the euro fell against the dollar on Friday, undermined by worries about Spain's fiscal woes and recent falls in shorter-term euro zone interest rates. Weak demand at a bond auction pushed Spain's 10-year bond yield above 7 percent on Thursday for the first time in more than a week, intensifying doubts over whether Madrid can avoid a full-blown bailout. The euro fell 0.2 percent to $1.2257, staying above a two-year low of $1.2162 hit last week.
In the domestic currency futures market on the NSE, the forward month July contract opened on Friday, July 20, 2012 at 55.28, higher than the spot market rupee. The contract hit an intraday high at 55.34 and registered a low at around 55.17 so far during the day. At the time of writing, the NSE July 2012 USD/INR contract was trading at around 55.25, up by around 4 paise or 0.08% as compared to previous close at 55.20.
| RBI REF RATE | ||||
| Date | USD | GBP | EURO | YEN |
| 19-JUL-12 | 55.38 | 86.75 | 68.06 | 70.47 |
| % Change* | -0.08 | -0.23 | -0.16 | -0.60 |
| *As against previous working day | ||||
POWERED BY: COMMODITY INSIGHTS
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