Currency News (oct-08)

Currency News (oct-08)

Chennai : India | Oct 07, 2012 at 10:59 PM PDT
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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.












% Change*





*As against previous working day


banknifty2012 is based in Chennai, Tamil Nadu, India, and is a Stringer on Allvoices.
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