Wednesday, 14 January 2015

Rupee Trades Marginally Lower At 62.18 Per Dollar

The rupee was trading marginally lower against the US dollar on consistent demand for the US currency from companies and state-owned banks.


At 2.50pm, the rupee was trading at 62.18 a dollar, down 0.06% from its previous close of 62.15 and down from its opening level of 62.11 per dollar.


“A couple of large companies and state-owned banks have been on the buying side today because there is a feeling in the market that 62 per dollar is a good level to buy at,” said a dealer with a private bank. India’s benchmark equity index, S&P BSE Sensex, was trading at 27,347.96 points, down 0.28%.


Wholesale price inflation (WPI) for December recorded a 0.10% rise from a year ago, up from an unchanged level in November and lower than expectations of a 0.40% rise which has increased expectations of a interest rate cut by the Reserve Bank of India (RBI).


The yield on India’s 10-year benchmark bond stood at 7.77% unchanged from Tuesday’s close. Bond yields and prices move in opposite directions.


Since the beginning of the 2015, the rupee has strengthen 1.38% against the dollar, second best performer in Asian currencies market after Japanese Yen, while foreign institutional investors have sold $352.5 million from local equity markets and bought $692.4 million from the debt market.


The dollar index, which measures the US currency’s strength against major currencies, was trading at 92.05, down 0.28% from its previous close of 92.31.


Source:livemint.com





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