Rupee Forex daily update - US Dollar currency exchange
The Rupee ended sharply lower by 11 paise against the American Greenback to settle at 40.86/87 per dollar from last friday's level of 40.75/76, in the Interbank Foreign Exchange (Forex) market today.
Forex dealers attributed today's trading as 'one sided'. The Rupee continued its slide against U S Dollar, on concerns over likely intervention from the Reserve Bank of India (RBI) to halt Rupee's slide, besides dollar selling by few foreign banks during the course of trading.
The local unit opened at 40.77/79, moved down and did not look up during till close of the day and finally ended at 40.86/87.
The indian unit has gained by 8.55 per cent during the period of a year so far.
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RBI's reference rate was at Rs 40.81 per US dollar, down by 10 paise from the last friday's rate of Rs 40.71 per dollar.
Foward premia ended lower today. Six month premia ended at 2.35 (2.71) per cent annualized premia was down at 2.49 (2.69) per cent.
The rupee ended further down on Monday to over one-week low of 40.87/88 against the US currency on the back of sustained buying by importers and suspected intervention by the central bank.
In active trade at the Interbank Foreign Exchange (Forex) market, the local unit opened slightly lower at 40.76/78 per dollar against Friday's close of 40.75/76 a dollar.
It weakened further to close at 40.87/88 a dollar, a steep fall of 12 paise over the previous close. It moved in a range of 40.76 and 40.8950 a dollar.
Asian markets
Month-end heavy dollar demand from oil refinery companies and other importers due to higher global crude oil prices, mainly impacted the rupee sentiment negatively, forex dealers said. Suspected intervention of the Reserve Bank of India (RBI) at higher levels to stem the rupee's surge also weighed on the rupee, they added.
Sluggish local as well as Asian equity markets also aided the rupee downtrend with expectations of fresh capital outflows. As per provisional data, Foreign Institutional Investors (FIIs) turned net sellers on Friday.
Analysts expect the rupee to remain strong on the back of expectation of robust capital inflows following a strong economy but the central bank's intervention and easing inflation to 13-month low at 4.28 per cent for the weekend June 9 might put break on the rupee's surge.
Also, the domestic unit performed weaker against major world currencies. Against Euro, Rupee closed lower at 54.86/87 (54.68/69) per unit each, against Pound it closed higher at 81.46.47 (81.29/30) per unit each while against Yen it was quoted weak at 33.01/02 (32.80/81) per hundred unit each.
Forex dealers attributed today's trading as 'one sided'. The Rupee continued its slide against U S Dollar, on concerns over likely intervention from the Reserve Bank of India (RBI) to halt Rupee's slide, besides dollar selling by few foreign banks during the course of trading.
The local unit opened at 40.77/79, moved down and did not look up during till close of the day and finally ended at 40.86/87.
The indian unit has gained by 8.55 per cent during the period of a year so far.
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RBI's reference rate was at Rs 40.81 per US dollar, down by 10 paise from the last friday's rate of Rs 40.71 per dollar.
Foward premia ended lower today. Six month premia ended at 2.35 (2.71) per cent annualized premia was down at 2.49 (2.69) per cent.
The rupee ended further down on Monday to over one-week low of 40.87/88 against the US currency on the back of sustained buying by importers and suspected intervention by the central bank.
In active trade at the Interbank Foreign Exchange (Forex) market, the local unit opened slightly lower at 40.76/78 per dollar against Friday's close of 40.75/76 a dollar.
It weakened further to close at 40.87/88 a dollar, a steep fall of 12 paise over the previous close. It moved in a range of 40.76 and 40.8950 a dollar.
Asian markets
Month-end heavy dollar demand from oil refinery companies and other importers due to higher global crude oil prices, mainly impacted the rupee sentiment negatively, forex dealers said. Suspected intervention of the Reserve Bank of India (RBI) at higher levels to stem the rupee's surge also weighed on the rupee, they added.
Sluggish local as well as Asian equity markets also aided the rupee downtrend with expectations of fresh capital outflows. As per provisional data, Foreign Institutional Investors (FIIs) turned net sellers on Friday.
Analysts expect the rupee to remain strong on the back of expectation of robust capital inflows following a strong economy but the central bank's intervention and easing inflation to 13-month low at 4.28 per cent for the weekend June 9 might put break on the rupee's surge.
Also, the domestic unit performed weaker against major world currencies. Against Euro, Rupee closed lower at 54.86/87 (54.68/69) per unit each, against Pound it closed higher at 81.46.47 (81.29/30) per unit each while against Yen it was quoted weak at 33.01/02 (32.80/81) per hundred unit each.
Labels: currency, economic. forex, economy, exhange rate, rupee
posted by Howard at
2:47 PM
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