RUPEE: Sheds Early Gains
DATE: 03/09/2012
The Indian rupee rebounded early on Monday, September 03, 2012 taking optimism from a steady euro overseas and a positive start to the local equities. Risk assets drew support from hopes the U.S. Federal Reserve and the European Central Bank would soon take policy steps to revive their respective economies. The domestic currency opened stronger by 10 paise at R 55.43 to a dollar and edged down to a low of 55.47 so far during the day. Rupee registered a high of 55.41 during early trades. In the spot currency market, the Indian unit shed early gains and was last seen trading at 55.46, higher by around 7 paise or 0.12% as compared to previous close at 55.53.
Domestic benchmark indices reversed initial gains to hit fresh intraday low in mid-morning trade after latest data showed growth in manufacturing sector eased to a nine-month low in August. Growth in India's manufacturing sector eased to a nine-month low in August as export orders fell for a second month, underscoring the risks to the wider economy from Europe's debt crisis, a business survey showed on Monday. The HSBC manufacturing Purchasing Managers' Index (PMI) eased for the second month to 52.8 in August, its lowest level since November, from 52.9 in July. Meanwhile, Asian stocks rose on Monday as economic reports from China, Japan, South Korea and New Zealand fueled speculation that central banks will boost stimulus measures.
Foreign institutional investors (FIIs) sold shares worth net R 211.08 crore on Friday, 31 August 2012, as per the provisional data from the stock exchanges. At the time of writing, the BSE Sensex was down 13.35 points or 0.08% to 17,416.21 while the S&P CNX Nifty was up 4.45 points or 0.08% to 5,262.95.
The euro steadied against the dollar on Monday. The single common currency stood at $1.2576, flat from late U.S. levels and off an eight-week peak of $1.2636 set on Friday after Fed chief Ben Bernanke's speech fanned expectations of further stimulus to revive growth, dubbed as QE3 in market.
In the domestic currency futures market on the NSE, the forward month September contract opened at 56.56 on Monday, September 03, 2012, higher than the spot market rupee. The contract hit an intraday high at 56.56 and registered a low at around 55.56 so far during the day. At the time of writing, the NSE September 2012 USD/INR contract was trading at around 55.64, lower by 15 paise or 0.27% as compared to previous close at 55.79.
Domestic benchmark indices reversed initial gains to hit fresh intraday low in mid-morning trade after latest data showed growth in manufacturing sector eased to a nine-month low in August. Growth in India's manufacturing sector eased to a nine-month low in August as export orders fell for a second month, underscoring the risks to the wider economy from Europe's debt crisis, a business survey showed on Monday. The HSBC manufacturing Purchasing Managers' Index (PMI) eased for the second month to 52.8 in August, its lowest level since November, from 52.9 in July. Meanwhile, Asian stocks rose on Monday as economic reports from China, Japan, South Korea and New Zealand fueled speculation that central banks will boost stimulus measures.
Foreign institutional investors (FIIs) sold shares worth net R 211.08 crore on Friday, 31 August 2012, as per the provisional data from the stock exchanges. At the time of writing, the BSE Sensex was down 13.35 points or 0.08% to 17,416.21 while the S&P CNX Nifty was up 4.45 points or 0.08% to 5,262.95.
The euro steadied against the dollar on Monday. The single common currency stood at $1.2576, flat from late U.S. levels and off an eight-week peak of $1.2636 set on Friday after Fed chief Ben Bernanke's speech fanned expectations of further stimulus to revive growth, dubbed as QE3 in market.
In the domestic currency futures market on the NSE, the forward month September contract opened at 56.56 on Monday, September 03, 2012, higher than the spot market rupee. The contract hit an intraday high at 56.56 and registered a low at around 55.56 so far during the day. At the time of writing, the NSE September 2012 USD/INR contract was trading at around 55.64, lower by 15 paise or 0.27% as compared to previous close at 55.79.
| RBI REF RATE | ||||
| Date | USD | GBP | EURO | YEN |
| 31-AUG-12 | 55.72 | 87.95 | 69.66 | 71.04 |
| % Change* | -0.13 | 0.17 | 0.26 | -0.37 |
| *As against previous working day | ||||
+POWERED BY: COMMODITY INSIGHTS
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