Currency News (oct-08)
Linkedin

Currency News (oct-08)

Chennai : India | Oct 07, 2012 at 10:59 PM PDT
XX XX
Views: Pending
 

RUPEE: Recoils From Weekend Gains

DATE: 08/10/2012

The Indian rupee edged lower at commencement on Monday, October 08, 2012, reversing from its near six month high registered on Friday. The domestic currency opened down by 24 paise at Rs 52.12 to a dollar and slipped further to touch a low of 52.23 so far during the day. Domestic and regional shares edged lower at the start of the week alongside risk sensitive assets across the globe as investors remained cautious about the outlook for the global economy and corporate earnings despite better-than-expected U.S. jobs numbers at the end of last week. In the spot currency market, the Indian unit was last seen trading at 52.13, down by around 25 paise or 0.47% as compared to previous close at 51.88.

The US dollar backed off a two-week high hit late last week after a surprise drop in the U.S. unemployment rate soothed investor concerns about the U.S. economy's outlook. The euro fell 0.4 percent to $1.2987, pulling away from Friday's two-week high of $1.3072. Comments by German Finance Minister Wolfgang Schaeuble on Sunday that Chancellor Angela Merkel's trip to Greece this week did not mean the debt-stricken country would receive the next tranche of aid from its bailout, also weighed down the single unit.

Meanwhile, domestic benchmark indices cut losses in morning trade after an initial decline over doubts about the duration of monetary easing after an upbeat US jobs report on Friday, with investors also cautious amid concerns over Spain's financial health. Foreign institutional investors (FIIs) bought Indian shares worth a net Rs 4351.99 crore on Friday, 5 October 2012, as per provisional data from the stock exchanges. At the time of writing, the BSE Sensex was down 36.98 points or 0.20% to 18,901.48 while the S&P CNX Nifty was down 15.95 points or 0.28% to 5,731.

In the domestic currency futures market on the NSE, the forward month October contract opened at 52.14 on Monday, October 08, 2012, higher than the spot market rupee. The contract hit an intraday high at 52.42 and registered a low at around 52.14 so far during the day. At the time of writing, the NSE October 2012 USD/INR was trading at around 52.34, higher by 22 paise or 0.42% as compared to previous close at 52.12.

RBI REF RATE

Date

USD

GBP

EURO

YEN

05-OCT-12

51.62

83.57

67.17

65.83

% Change*

0.69

0.13

0.04

0.47

*As against previous working day

+POWERED BY: COMMODITY INSIGHTS

www.banknifty.com

http://banknifty2012.blogspot.in/

banknifty2012 is based in Chennai, Tamil Nadu, India, and is a Stringer on Allvoices.
Report Credibility
 
  • Clear
  • Share:
  • Share
  • Clear
  • Clear
  • Clear
  • Clear
 
 
 
Advertisement
 

News Stories

 
  • Greece worries propel dollar higher

      Channel NewsAsia
    The dollar gained ground against the euro Monday as fresh worries about Greece and Spain roiled the eurozone. New concerns over Greece's future spilled through the markets after news that German Chancellor Angela Merkel was headed to Athens for talks...
  • Greece Needs More Time To Meet Fiscal Targets Says IMF Chief

      International Business Times
    The IMF downgraded its global growth forecast in 2013. Greece will need two more years for meeting the fiscal targets, according to International Monetary Fund Managing Director Christine Lagarde. At a news conference in Tokyo Thursday, Legarde...
  • Euro strengthens in Asian trade

      Zawya Political
    The euro strengthened in morning Asian trade on Tuesday after worries about Greece and Spain dragged the embattled unit lower a day earlier, while the dollar inched up against the yen amid rosy US jobs data. The European single currency bought $1.
  • Wall St dips on China growth news

      New Zealand Herald
    The World Bank trimmed this year's forecast for growth in the emerging East Asian economies amid dwindling demand for the region's exports as global powerhouses in the US and Europe tidy up their own affairs. It sees growth in the region of 7.2 per...
  • Europe's outlook darkens as German growth fades

      Seattle Post Intelligencer
    Europe's economic outlook darkened further Thursday when top economists slashed their growth forecasts for Germany and warned that public support for financial aid for struggling countries was evaporating. In a joint report for the Economy Ministry...
  • European Stocks Rise

      Asian Wall Street Journal
    European stocks opened higher Tuesday amid mounting expectations that China will introduce further stimulus measures, although concerns about global growth could cap gains. Germany's DAX both gained 0.2% at the open and France's CAC-40 rose 0.4%.

Blogs

 >

More From Allvoices

Related People

Report Your News Got a similar story?
Add it to the network!

Or add related content to this report

Most Commented Reports



Use of this site is governed by our Terms of Use Agreement and Privacy Policy.

© Allvoices, Inc. 2008-2014. All rights reserved. Powered by PulsePoint.