ID :
117644
Tue, 04/20/2010 - 13:46
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Shortlink :
https://oananews.org//node/117644
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Rupee tumbles by 41 paise vs dollar on weak equity markets
LD RUPEE
Mumbai, Apr 19 (PTI) In line with fall in stock markets,
the rupee Monday closed 41 paise lower against the US currency
on good demand for dollar from banks and corporates.
After fairly active trade at the Interbank Foreign
Exchange (Forex) market, the domestic unit closed at 44.73/74
a dollar, a loss of 41 paise.
Dealers said good demand for dollar from banks amid weak
stock markets influenced the rupee sentiments. The benchmark
Sensex ended lower by 191 points, or 1.08 per cent, on the
back of fall in global markets.
The dollar and the yen posted sharp gains on Friday after
the US Securities and Exchange Commission charged leading
investment bank Goldman Sachs with fraud, prompting investors
to seek refuge in both safe haven currencies.
The news saw investors taking profits on recent stock
market gains and reduce holdings in riskier assets and
currencies such as the euro, sterling, and Canadian dollar.
Dealers, however, said that the rupee may rebound
tomorrow as a Reserve Bank report has said that capital
inflows are expected to be strong.
"Reflecting easy global liquidity conditions and both
interest rate and growth differentials in favour of India,
capital inflows are expected to be strong, which may put
pressure on asset prices," the apex bank said in its
Macroeconomic and Monetary Developments in 2009-10 report.
Meanwhile, global crude oil prices were trading below USD
82 a barrel in London Monday.
The rupee premium for the forward dollar ended lower on
fresh receiving by exporters.
The benchmark six-month forward dollar premium payable
in September ended down at 69-70 paise from 70-1/2-71-1/2
paise on last Friday and far-forward maturing in March also
finished lower at 139-1/2-140-1/2 paise from 142-143 paise
previously.
The Reserve Bank of India fixed the reference rate for
the dollar at Rs 44.60 and for the euro at Rs 60.05.
In cross currency trade, the domestic currency recovered
against the pound while declined against the euro and Japanese
yen.
The rupee recouped against the pound to end at Rs
68.10/12 per pound from last Friday's close of 68.51/53.
However, it fell back against the euro to Rs 60.08/10 per
euro from Rs 59.96/98 previously and also dropped further
against the yen to Rs 48.67/69 per 100 yen from its last close
of Rs 47.80/82. PTI SBP
RDM
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Mumbai, Apr 19 (PTI) In line with fall in stock markets,
the rupee Monday closed 41 paise lower against the US currency
on good demand for dollar from banks and corporates.
After fairly active trade at the Interbank Foreign
Exchange (Forex) market, the domestic unit closed at 44.73/74
a dollar, a loss of 41 paise.
Dealers said good demand for dollar from banks amid weak
stock markets influenced the rupee sentiments. The benchmark
Sensex ended lower by 191 points, or 1.08 per cent, on the
back of fall in global markets.
The dollar and the yen posted sharp gains on Friday after
the US Securities and Exchange Commission charged leading
investment bank Goldman Sachs with fraud, prompting investors
to seek refuge in both safe haven currencies.
The news saw investors taking profits on recent stock
market gains and reduce holdings in riskier assets and
currencies such as the euro, sterling, and Canadian dollar.
Dealers, however, said that the rupee may rebound
tomorrow as a Reserve Bank report has said that capital
inflows are expected to be strong.
"Reflecting easy global liquidity conditions and both
interest rate and growth differentials in favour of India,
capital inflows are expected to be strong, which may put
pressure on asset prices," the apex bank said in its
Macroeconomic and Monetary Developments in 2009-10 report.
Meanwhile, global crude oil prices were trading below USD
82 a barrel in London Monday.
The rupee premium for the forward dollar ended lower on
fresh receiving by exporters.
The benchmark six-month forward dollar premium payable
in September ended down at 69-70 paise from 70-1/2-71-1/2
paise on last Friday and far-forward maturing in March also
finished lower at 139-1/2-140-1/2 paise from 142-143 paise
previously.
The Reserve Bank of India fixed the reference rate for
the dollar at Rs 44.60 and for the euro at Rs 60.05.
In cross currency trade, the domestic currency recovered
against the pound while declined against the euro and Japanese
yen.
The rupee recouped against the pound to end at Rs
68.10/12 per pound from last Friday's close of 68.51/53.
However, it fell back against the euro to Rs 60.08/10 per
euro from Rs 59.96/98 previously and also dropped further
against the yen to Rs 48.67/69 per 100 yen from its last close
of Rs 47.80/82. PTI SBP
RDM
The information contained in this electronic message and any attachments to this
message are intended for the exclusive
use of the addressee(s) and may contain proprietary, confidential or privileged
information. If you are not the intended
recipient, you should not disseminate, distribute or copy this e-mail. Please
notify the sender immediately and destroy
all copies of this message and any attachments contained in it.
Delete & Prev | Delete & Next
