The Indian rupee edged lower on Monday, July 01, 2013 driven mainly by
dollar demand by oil marketing companies and banks. The currency however
managed to register a small rebound as strength in the local share
market aided some gains in the unit. The domestic currency commenced
weaker by 9 paise at Rs 59.47 to a dollar and edged down to a low of
59.48 before bouncing back to a high of 59.22 so far during the day. In
the spot currency market, the Indian unit was last seen trading at
59.25, lower by around 14 paise or 0.23% as compared to its previous
close at 59.39.
Domestic key benchmark indices moved into positive
after a lower start triggered by weak Asian stocks. Asian stocks got off
to an uninspired start to the week, while the U.S. dollar held firm at
one-month highs after an influential Federal Reserve official suggested
September could be the beginning of the end of easy money from the
central bank.
Foreign institutional investors (FIIs) bought Indian
shares worth a net Rs 1124.31 crore on Friday, 28 June 2013, as per
provisional data from the stock exchanges. At the time of writing, the
S&P BSE Sensex was up 14.72 points or 0.08% to 19,410.53 while the
CNX Nifty was up 2 points or 0.03% to 5,844.20.
The dollar was
holding broadly firm on Monday after a flood of month-end flows left it
well positioned for a week packed with major economic data and central
bank meetings.
Source by Commodity Insights
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