The Indian rupee pared most of an early fall to one-week lows on Friday, recovering on expectations of continued capital inflows after the Group of 20 leaders said stimulus measures would continue until recovery was secured.
The partially convertible rupee INR=IN ended at 47.97/98 per dollar, off an early low of 48.31, its weakest since Sept. 16. The rupee had ended at 47.95/96 on Thursday. It touched an intraday high 47.92 during the session, not far from a six-week of 47.85 hit earlier this week.
"The assurances at G20 was a respite for the rupee, which had remained pressured by volatile stocks," said a senior dealer with a foreign bank. more details : http://marketmantra.in/Currency.asp
Sunday, September 27, 2009
Indian rupee to drop as Asian shares extend slide
The rupee may weaken on Friday if local shares follow the lead of lower Asian stocks, with month-end demand for dollars from oil importers pushing down the Indian unit further.
* The dollar rallied broadly on Friday as short-covering gathered pace a day after major central banks jointly announced steps to scale back massive injections of the U.S. currency. [USD/]. The dollar's rebound could also add to the rupee's downward pressure.
* At 8:36 a.m. (0306 GMT), Nifty India stock futures traded in Singapore SINc1 were down 1.3 percent. The Morgan Stanley index excluding Japan .MIAPJ0000PUS was down 0.9 percent.
* The partially convertible rupee INR=IN ended at 47.95/96 per dollar on Thursday, a touch stronger than Wednesday's close of 47.98/48.00, after falling to a low of 48.20 in early deals. more details : http://marketmantra.in/Currency.asp
* The dollar rallied broadly on Friday as short-covering gathered pace a day after major central banks jointly announced steps to scale back massive injections of the U.S. currency. [USD/]. The dollar's rebound could also add to the rupee's downward pressure.
* At 8:36 a.m. (0306 GMT), Nifty India stock futures traded in Singapore SINc1 were down 1.3 percent. The Morgan Stanley index excluding Japan .MIAPJ0000PUS was down 0.9 percent.
* The partially convertible rupee INR=IN ended at 47.95/96 per dollar on Thursday, a touch stronger than Wednesday's close of 47.98/48.00, after falling to a low of 48.20 in early deals. more details : http://marketmantra.in/Currency.asp
Indian rupee weaker tracking regional shares
The Indian rupee fell on Thursday dragged by losses in regional share markets and the dollar's strength against major currencies.
* At 1:50 a.m. the partially convertible rupee INR=IN was at 48.10/1150 per dollar, weaker than Wednesday's close of 47.98/48.00. It fell to a low of 48.20 in early deals.
* Indian shares fell as much as 1.3 percent on Thursday as sentiment was hit by losses in global markets, with the expiry of monthly derivatives contract keeping trade volatile. [.BO]
* The MSCI's measure of Asian markets excluding Japan .MSCIAPJ was down 1.19 percent.
* The dollar index .DXY, which measures the dollar's value against a basket of six major currencies, was up 0.37 percent at 76.331. more details : http://marketmantra.in/Currency.asp
* At 1:50 a.m. the partially convertible rupee INR=IN was at 48.10/1150 per dollar, weaker than Wednesday's close of 47.98/48.00. It fell to a low of 48.20 in early deals.
* Indian shares fell as much as 1.3 percent on Thursday as sentiment was hit by losses in global markets, with the expiry of monthly derivatives contract keeping trade volatile. [.BO]
* The MSCI's measure of Asian markets excluding Japan .MSCIAPJ was down 1.19 percent.
* The dollar index .DXY, which measures the dollar's value against a basket of six major currencies, was up 0.37 percent at 76.331. more details : http://marketmantra.in/Currency.asp
more details : http://marketmantra.in/Currency.asp
The Indian rupee fell on Thursday dragged by losses in regional share markets and the dollar's strength against major currencies.
* At 1:50 a.m. the partially convertible rupee INR=IN was at 48.10/1150 per dollar, weaker than Wednesday's close of 47.98/48.00. It fell to a low of 48.20 in early deals.
* Indian shares fell as much as 1.3 percent on Thursday as sentiment was hit by losses in global markets, with the expiry of monthly derivatives contract keeping trade volatile. [.BO]
* The MSCI's measure of Asian markets excluding Japan .MSCIAPJ was down 1.19 percent.
* The dollar index .DXY, which measures the dollar's value against a basket of six major currencies, was up 0.37 percent at 76.331. (Reporting by Neha D'silva. more details : http://marketmantra.in/Currency.asp
* At 1:50 a.m. the partially convertible rupee INR=IN was at 48.10/1150 per dollar, weaker than Wednesday's close of 47.98/48.00. It fell to a low of 48.20 in early deals.
* Indian shares fell as much as 1.3 percent on Thursday as sentiment was hit by losses in global markets, with the expiry of monthly derivatives contract keeping trade volatile. [.BO]
* The MSCI's measure of Asian markets excluding Japan .MSCIAPJ was down 1.19 percent.
* The dollar index .DXY, which measures the dollar's value against a basket of six major currencies, was up 0.37 percent at 76.331. (Reporting by Neha D'silva. more details : http://marketmantra.in/Currency.asp
Indian rupee at 6-week highs as dollar weakens
The Indian rupee rose to a six-week high on Wednesday as the dollar fell to a one-year low against a basket of currencies and as some gains in Asian shares raised hopes of further foreign fund inflows.
At 10:28 a.m. (0458 GMT), the partially convertible rupee INR=IN was at 47.91/92 per dollar, stronger than Tuesday's close of 47.9550/9650.
In early deals the rupee hit 47.85, its highest since Aug. 10.
"The rupee is tracking the crosses and also equities," said V. Kumar, chief dealer with State Bank of Travancore, who said 47.80 was an important technical level.
"Once 47.80 breaks, 47.50-47.20 should be the range for this week," he said.
The low-yielding dollar fell to a one-year low against a basket of currencies on Wednesday as speculators dumped it ahead of a Federal Reserve policy announcement later in the day. [USD/]
Expectations are growing that the Fed will reiterate its intention to keep a super-accommodative policy for an extended period more details : http://marketmantra.in/Currency.asp
At 10:28 a.m. (0458 GMT), the partially convertible rupee INR=IN was at 47.91/92 per dollar, stronger than Tuesday's close of 47.9550/9650.
In early deals the rupee hit 47.85, its highest since Aug. 10.
"The rupee is tracking the crosses and also equities," said V. Kumar, chief dealer with State Bank of Travancore, who said 47.80 was an important technical level.
"Once 47.80 breaks, 47.50-47.20 should be the range for this week," he said.
The low-yielding dollar fell to a one-year low against a basket of currencies on Wednesday as speculators dumped it ahead of a Federal Reserve policy announcement later in the day. [USD/]
Expectations are growing that the Fed will reiterate its intention to keep a super-accommodative policy for an extended period more details : http://marketmantra.in/Currency.asp
Indian rupee flat on stocks rise, oil payments
The Indian rupee was flat on Tuesday as a rise in the stock market to fresh 16-month highs was offset by oil companies buying dollars to pay for their imports.
At 11:07 a.m. (0537 GMT), the partially convertible rupee INR=IN was at 48.17/18, not far from Friday's close of 48.13/48.14. The market was closed on Monday for a holiday.
The rupee touched a low of 48.22 in early deals
"There was a sharp rise in the dollar in early deals due to some oil companies buying, but selling by some foreign banks limited the dollar's rise," said Naveen Raghuvanshi, an associate vice president with Development Credit Bank who expects the rupee to trade a 48.10-48.25 range during the day.
Indian shares were up 0.8 percent in morning trade, extending last week's 16-month highs on hopes of strong quarterly earnings.
Traders expect there could be some dollar buying this week as unsuccessful applications for the Oil India initial public offering are refunded. The company raised $570 million in the offer, which was covered nearly 31 times http://marketmantra.in/Currency.asp
At 11:07 a.m. (0537 GMT), the partially convertible rupee INR=IN was at 48.17/18, not far from Friday's close of 48.13/48.14. The market was closed on Monday for a holiday.
The rupee touched a low of 48.22 in early deals
"There was a sharp rise in the dollar in early deals due to some oil companies buying, but selling by some foreign banks limited the dollar's rise," said Naveen Raghuvanshi, an associate vice president with Development Credit Bank who expects the rupee to trade a 48.10-48.25 range during the day.
Indian shares were up 0.8 percent in morning trade, extending last week's 16-month highs on hopes of strong quarterly earnings.
Traders expect there could be some dollar buying this week as unsuccessful applications for the Oil India initial public offering are refunded. The company raised $570 million in the offer, which was covered nearly 31 times http://marketmantra.in/Currency.asp
Indian rupee seen steady, watch stocks for cues
The Indian rupee is expected to be steady on Tuesday as local shares are seen trading rangebound, in line with Asian markets.
* At 8:40 a.m. (0310 GMT), Nifty India stock futures traded in Singapore SINc1 were down 0.3 percent. The Morgan Stanley index excluding Japan .MIAPJ0000PUS was up 0.6 percent.
* One-month offshore non-deliverable forward rupee contracts PNDF traded in Singapore were quoted at 48.17/48.27 per dollar.
* The index of the dollar's .DXY versus six majors was down 0.3 percent.
* U.S. crude prices rose towards $70 a barrel on Tuesday, after a sharp decline in the previous session on renewed concerns about ongoing weakness in energy demand. [O/R].
* The partially convertible rupee INR=IN ended at 48.13/48.14 per dollar on Friday, a shade above Thursday's close of 48.15/16. The market was closed on Monday for a public holiday. http://marketmantra.in/Currency.asp
* At 8:40 a.m. (0310 GMT), Nifty India stock futures traded in Singapore SINc1 were down 0.3 percent. The Morgan Stanley index excluding Japan .MIAPJ0000PUS was up 0.6 percent.
* One-month offshore non-deliverable forward rupee contracts PNDF traded in Singapore were quoted at 48.17/48.27 per dollar.
* The index of the dollar's .DXY versus six majors was down 0.3 percent.
* U.S. crude prices rose towards $70 a barrel on Tuesday, after a sharp decline in the previous session on renewed concerns about ongoing weakness in energy demand. [O/R].
* The partially convertible rupee INR=IN ended at 48.13/48.14 per dollar on Friday, a shade above Thursday's close of 48.15/16. The market was closed on Monday for a public holiday. http://marketmantra.in/Currency.asp
Indian rupee recovers early loss; tracks choppy stocks
The Indian rupee recovered early losses on Friday afternoon but still traded weaker than the previous close, tracking local share prices.
* At 2:55 p.m., the partially convertible rupee INR=IN was at 48.05/06 per dollar, off an early low of 48.31, its lowest since Sept. 16, but still weaker than Thursday's close of 47.95/96.
* Share prices were trading 0.6 percent weaker. The main share index .BSESN had fallen as much as 0.97 percent in the opening deals, and had briefly turned positive.
* The rupee hit an intraday high of 47.92 per dollar when the shares had turned briefly positive.
* In the currency futures market INRFUTURES the most traded near-month contracts were at 48.1625 on the National Stock Exchange and MCX-SX, weaker than Thursday's close of 48.0850. more details : http://marketmantra.in/Currency.asp
* At 2:55 p.m., the partially convertible rupee INR=IN was at 48.05/06 per dollar, off an early low of 48.31, its lowest since Sept. 16, but still weaker than Thursday's close of 47.95/96.
* Share prices were trading 0.6 percent weaker. The main share index .BSESN had fallen as much as 0.97 percent in the opening deals, and had briefly turned positive.
* The rupee hit an intraday high of 47.92 per dollar when the shares had turned briefly positive.
* In the currency futures market INRFUTURES the most traded near-month contracts were at 48.1625 on the National Stock Exchange and MCX-SX, weaker than Thursday's close of 48.0850. more details : http://marketmantra.in/Currency.asp
Indian rupee weaker tracking regional shares
The Indian rupee recovered early losses on Friday afternoon but still traded weaker than the previous close, tracking local share prices.
* At 2:55 p.m., the partially convertible rupee INR=IN was at 48.05/06 per dollar, off an early low of 48.31, its lowest since Sept. 16, but still weaker than Thursday's close of 47.95/96.
* Share prices were trading 0.6 percent weaker. The main share index .BSESN had fallen as much as 0.97 percent in the opening deals, and had briefly turned positive.
* The rupee hit an intraday high of 47.92 per dollar when the shares had turned briefly positive.
* In the currency futures market INRFUTURES the most traded near-month contracts were at 48.1625 on the National Stock Exchange and MCX-SX, weaker than Thursday's close of 48.0850. (Reporting by Anurag Joshi; Editing by Ramya Venugopal) more details : http://marketmantra.in/Currency.asp
* At 2:55 p.m., the partially convertible rupee INR=IN was at 48.05/06 per dollar, off an early low of 48.31, its lowest since Sept. 16, but still weaker than Thursday's close of 47.95/96.
* Share prices were trading 0.6 percent weaker. The main share index .BSESN had fallen as much as 0.97 percent in the opening deals, and had briefly turned positive.
* The rupee hit an intraday high of 47.92 per dollar when the shares had turned briefly positive.
* In the currency futures market INRFUTURES the most traded near-month contracts were at 48.1625 on the National Stock Exchange and MCX-SX, weaker than Thursday's close of 48.0850. (Reporting by Anurag Joshi; Editing by Ramya Venugopal) more details : http://marketmantra.in/Currency.asp
Indian rupee to drop as Asian shares extend slide
The rupee may weaken on Friday if local shares follow the lead of lower Asian stocks, with month-end demand for dollars from oil importers pushing down the Indian unit further.
* The dollar rallied broadly on Friday as short-covering gathered pace a day after major central banks jointly announced steps to scale back massive injections of the U.S. currency. [USD/]. The dollar's rebound could also add to the rupee's downward pressure.
* At 8:36 a.m. (0306 GMT), Nifty India stock futures traded in Singapore SINc1 were down 1.3 percent. The Morgan Stanley index excluding Japan .MIAPJ0000PUS was down 0.9 percent.
* The partially convertible rupee INR=IN ended at 47.95/96 per dollar on Thursday, a touch stronger than Wednesday's close of 47.98/48.00, after falling to a low of 48.20 in early deals.http://marketmantra.in/Currency.asp
* The dollar rallied broadly on Friday as short-covering gathered pace a day after major central banks jointly announced steps to scale back massive injections of the U.S. currency. [USD/]. The dollar's rebound could also add to the rupee's downward pressure.
* At 8:36 a.m. (0306 GMT), Nifty India stock futures traded in Singapore SINc1 were down 1.3 percent. The Morgan Stanley index excluding Japan .MIAPJ0000PUS was down 0.9 percent.
* The partially convertible rupee INR=IN ended at 47.95/96 per dollar on Thursday, a touch stronger than Wednesday's close of 47.98/48.00, after falling to a low of 48.20 in early deals.http://marketmantra.in/Currency.asp
Saturday, October 11, 2008
India today asked the International Monetary Fund
Sridhar Krishnaswami Washington, Oct 11 (PTI) India today asked the International Monetary Fund to be prepared to meet the borrowing needs of countries engulfed by the global financial crisis, warning that failure to address liquidity concerns may further risk the financial system's stability."The financial institution (IMF) should have the mending instruments and the financing capacity to address potential borrowing needs," according to Finance Minister P Chidambaram, whose speech was read out in absentia by Reserve Bank of India Governor D Subbarao at the International Monetary and Finance Committee's meeting here.Subbarao was representing Chidambaram, who cancelled his visit to assuage fears at home about the global financial storm hitting the Indian shores.Noting that there were a number of concerns over the attempts to resolve the current crisis spawned by defunct mortgages in the US, India suggested that IMF take up the role of an orchestra conductor so that fragmented efforts at different levels be organised for more effective results.Besides, India wanted the stigma attached to Fund lending to be tackled to reduce recourse to alternatives. "Countries have to be encouraged to approach the Fund in the incipient stages of a crisis," India maintained.Although according to Chidambaram emerging market economies were relatively safer, he felt their growth would nevertheless be affected and would slow to 6.9 per cent in 2008 and further to 6.1 per cent in 2009."The risks for these base line scenarios are clearly tilted downwards," he said, pointing that inflation could, however, moderate mildly due to the recessionary conditions in some parts of the world and some moderation in commodity prices. PTI more details http://www.marketmantra.in/
Friday, October 10, 2008
Rupee recovers from early losses
MUMBAI: After plunging to a historic level of 49.30, the Indian currency recovered to 48.45/46 against the dollar at the end of the session on Friday.
In a wild movement at the inter-bank foreign exchange market, the rupee lost further ground against its Wednesday’s close of 47.99/48 and quoted at 49.30 at one stage. However it recovered part of its losses to end the day at 48.45/46, still lower by 46 paise. The rupee fell to historic level on mounting fears of heavy capital outflows after global credit crisis spread to Asia, forex dealers said. Turmoil in bourses and growing fears about a global recession caused worries that there would be heavy capital outflow from equity. — PTI http://marketmantra.in/Currency.asp
In a wild movement at the inter-bank foreign exchange market, the rupee lost further ground against its Wednesday’s close of 47.99/48 and quoted at 49.30 at one stage. However it recovered part of its losses to end the day at 48.45/46, still lower by 46 paise. The rupee fell to historic level on mounting fears of heavy capital outflows after global credit crisis spread to Asia, forex dealers said. Turmoil in bourses and growing fears about a global recession caused worries that there would be heavy capital outflow from equity. — PTI http://marketmantra.in/Currency.asp
Indian rupee off from lifetime lows on cbank hand
MUMBAI, Oct 10 (Reuters) - The Indian rupee was hovering above lifetime lows on Friday buoyed by heavy dollar selling by the central bank.
* At 3:50 p.m. the partially convertible rupee was at 48.53/54 per dollar, weaker than 47.99/48.01 at close on Wednesday and above a lifetime low of 49.30 hit in early deals.
* The central bank is estimated to have sold about $1 billion so far in this session, helping the rupee recover from record lows of 49.30 reached earlier.
* India's main share index provisionally fell 6.99 percent on Friday as panicky investors joined a global sell-off with weak industrial output adding to the gloom. [.BO]. (Reporting by Saikat Chatterjee; Editing by Harish Nambiar)
source : reuters.com
more details : http://marketmantra.in/Currency.asp
* At 3:50 p.m. the partially convertible rupee was at 48.53/54 per dollar, weaker than 47.99/48.01 at close on Wednesday and above a lifetime low of 49.30 hit in early deals.
* The central bank is estimated to have sold about $1 billion so far in this session, helping the rupee recover from record lows of 49.30 reached earlier.
* India's main share index provisionally fell 6.99 percent on Friday as panicky investors joined a global sell-off with weak industrial output adding to the gloom. [.BO]. (Reporting by Saikat Chatterjee; Editing by Harish Nambiar)
source : reuters.com
more details : http://marketmantra.in/Currency.asp
Indian rupee hits record low; cbank helps recovery
* Rupee bounces off lifetime lows, cbank seen intervening
* Near-term sentiment for rupee remains bearish
* Stocks fall 7 pct, raising concerns about further outflows (Updates to close)
By Swati Bhat
MUMBAI, Oct 10 (Reuters) - The Indian rupee bounced off a record low on Friday after the central bank sold dollars through state-run banks in an attempt to prevent the currency from further steep falls as the stock market dropped sharply.
The partially convertible rupee ended at 48.38/43 per dollar, 0.8 percent lower than 47.99/48.01 at close on Wednesday. Markets were closed on Thursday for a holiday.
The rupee fell to a lifetime low of 49.30 per dollar in early trade, after which traders said the central bank acted aggressively to support it, selling up to $2.5 billion.
"It is a very difficult market, very thin liquidity. The RBI has now provided rupee liquidity by the CRR cut, so they are likely to keep intervening in the forex market," a senior dealer with a private bank said.
The central bank's intervention has contributed to a squeeze on rupee liquidity in the domestic banking system that has pushed overnight cash rates to 19-month highs of 23 percent. The central bank on Friday said it would increase a previously announced 50 basis point cut the cash reserve ratio (CRR) to 150 basis points, effective from Oct. 11, saying the move would free up around 600 billion rupees.
"The rupee could head towards 50 per dollar within this month, with the only things barring it is some decline in risk aversion among investors and steady gains in the stock market for at least three to four days," the dealer said.
India's main share index tumbled 7.1 percent on Friday to post its biggest weekly fall in nearly 18 years as panicky investors joined a global selloff on recession worries, with weak industrial data adding to the gloom. See [.BO].
Foreign funds have so far sold a net $10.3 billion worth of Indian shares in 2008, after buying a record net $17.4 billion last year. (Editing by John Mair)
Sources : reuters.com
...more details http://marketmantra.in/Currency.asp
* Near-term sentiment for rupee remains bearish
* Stocks fall 7 pct, raising concerns about further outflows (Updates to close)
By Swati Bhat
MUMBAI, Oct 10 (Reuters) - The Indian rupee bounced off a record low on Friday after the central bank sold dollars through state-run banks in an attempt to prevent the currency from further steep falls as the stock market dropped sharply.
The partially convertible rupee
The rupee fell to a lifetime low of 49.30 per dollar in early trade, after which traders said the central bank acted aggressively to support it, selling up to $2.5 billion.
"It is a very difficult market, very thin liquidity. The RBI has now provided rupee liquidity by the CRR cut, so they are likely to keep intervening in the forex market," a senior dealer with a private bank said.
The central bank's intervention has contributed to a squeeze on rupee liquidity in the domestic banking system that has pushed overnight cash rates to 19-month highs of 23 percent. The central bank on Friday said it would increase a previously announced 50 basis point cut the cash reserve ratio (CRR) to 150 basis points, effective from Oct. 11, saying the move would free up around 600 billion rupees.
"The rupee could head towards 50 per dollar within this month, with the only things barring it is some decline in risk aversion among investors and steady gains in the stock market for at least three to four days," the dealer said.
India's main share index tumbled 7.1 percent on Friday to post its biggest weekly fall in nearly 18 years as panicky investors joined a global selloff on recession worries, with weak industrial data adding to the gloom. See [.BO].
Foreign funds have so far sold a net $10.3 billion worth of Indian shares in 2008, after buying a record net $17.4 billion last year. (Editing by John Mair)
Sources : reuters.com
...more details http://marketmantra.in/Currency.asp
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