Date : 23.02.2012
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With no definite cues from the global currency pairs and choppy local as well as regional equities, the Indian rupee commenced marginally lower on Thursday, February 23, 2012. The domestic currency opened lower by 6 paise at Rs. 49.30 to a dollar and climbed up to touch a high of 49.24 so far during the day, backed by a positive start to domestic equities. Local shares however lost initial momentum and slipped into the negative terrain following a slack in global risk appetite. Meanwhile, anticipation of persistent dollar demand from oil importers continue to weigh down the local unit. In the spot currency market, the Indian unit was last seen trading at 49.25, down mere 0.01% as compared to previous close at 49.24.
The European unit continued to remain sluggish overnight and extended some of its losses against a modestly stronger US dollar as global risk appetite failed to revive despite the second Greece bailout, hammering rupee alongside Asian currency peers. In the meantime, Fitch downgraded Greece two notches to C and said it would probably assign a selective default status after the forthcoming bond swap, which has a deadline of 11 March. Moreover, Euro zone PMIs disappointed as well as weakness in European equities also exerted some pressures on the common currency. Euro is currently seen in a narrow range quoting at around 1.3255 versus the greenback.
Local equities were also giving up some of their strong gains alongside regional bourses in turn weighing down the domestic currency. Key benchmark indices were slightly lower amid initial volatility while the 50-unit S&P CNX Nifty hit one-week low. Asian shares fell on Thursday as higher oil prices and weak euro-zone data sparked concerns about global growth. However, foreign investors continued to be net buyers of Indian equities. Foreign institutional investors (FIIs) bought shares worth a net Rs 829.63 crore on Wednesday, as per provisional data from the stock exchanges. At the time of writing, Indias key benchmark BSE Sensex is down 38 points at around 18106 while S&P CNX Nifty is lower by 19 points to be at 5485.
In the domestic currency futures market on the NSE, the front month February contract opened on Thursday, February 23, 2012 at 49.40, higher than the spot market rupee. The contract hit an intraday high at 49.40 and registered a low at around 49.25 so far during the day. At the time of writing, the NSE February 2012 USD/INR contract was trading at around 49.27, lower by 5 paise or 0.10% as compared to previous close at 49.32. The USD INR pair continues to trade in a narrow range today as well. With dollar remaining firm and extension of yesterdays fall in the Indian bourse, the pair could see limited downside to around 49.20. On the upside, however, the pair could move towards 49.35 during the day.
The European unit continued to remain sluggish overnight and extended some of its losses against a modestly stronger US dollar as global risk appetite failed to revive despite the second Greece bailout, hammering rupee alongside Asian currency peers. In the meantime, Fitch downgraded Greece two notches to C and said it would probably assign a selective default status after the forthcoming bond swap, which has a deadline of 11 March. Moreover, Euro zone PMIs disappointed as well as weakness in European equities also exerted some pressures on the common currency. Euro is currently seen in a narrow range quoting at around 1.3255 versus the greenback.
Local equities were also giving up some of their strong gains alongside regional bourses in turn weighing down the domestic currency. Key benchmark indices were slightly lower amid initial volatility while the 50-unit S&P CNX Nifty hit one-week low. Asian shares fell on Thursday as higher oil prices and weak euro-zone data sparked concerns about global growth. However, foreign investors continued to be net buyers of Indian equities. Foreign institutional investors (FIIs) bought shares worth a net Rs 829.63 crore on Wednesday, as per provisional data from the stock exchanges. At the time of writing, Indias key benchmark BSE Sensex is down 38 points at around 18106 while S&P CNX Nifty is lower by 19 points to be at 5485.
In the domestic currency futures market on the NSE, the front month February contract opened on Thursday, February 23, 2012 at 49.40, higher than the spot market rupee. The contract hit an intraday high at 49.40 and registered a low at around 49.25 so far during the day. At the time of writing, the NSE February 2012 USD/INR contract was trading at around 49.27, lower by 5 paise or 0.10% as compared to previous close at 49.32. The USD INR pair continues to trade in a narrow range today as well. With dollar remaining firm and extension of yesterdays fall in the Indian bourse, the pair could see limited downside to around 49.20. On the upside, however, the pair could move towards 49.35 during the day.
| RBI Reference Rate | ||||
| Date | USD | GBP | EURO | YEN |
| � | � | � | � | � |
| 22-Feb-12 | 49.25 | 76.75 | 65.16 | 61.53 |
| % Change* | -0.33 | 1.35 | 0.01 | -0.02 |
| *As against previous working day | ||||
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