Bookmark Kaumudi Online  Bookmark this site  Editor@Kaumudi  |  Marketing  Print Advt rates  |  Calendar 2018        Go!    
 
 
July 21, Saturday 2018 1:27 AM       

       HEADLINES: Irregularity over Jail IG’s elevation: Finance department recommends action                                              Malabar cement corruption: Petition seeking CBI inquiry dismissed                                              In BJP list, there was no Kannanthanam: Kanam                                              Rifa, a gentleman in Campus; his real face shocks classmates                                              Popular Front threatens to kill newly-married couple, DYFI steps in to protect                                              Rahul attacks Modi govt on several fronts                                              Rajnath hits at Tharoor for 'Hindu Taliban' remark                                              Stage set for debate on no-confidence motion against Modi govt in Lok Sabha                                              BJD walks out as LS begins debate on no trust motion against Modi govt                                              Congress emotionally exploited India: BJP                                              India, US to hold first ‘2+2 dialogue’ on Sept 6                                              Root and Morgan clinch decider for England in ODI series                                              Kaumudi Facebook
       BUSINESS Next Article: Gold advances Rs 52 on positive global cues  
       Rupee off 6-week high, down 13 paise at 64.68
 
         Posted on :07:40:00 Nov 7, 2017
   
A A
       Last edited on:07:40:00 Nov 7, 2017
         Tags: Rupee off 6-week high, down 13 paise at 64.6
 
Mumbai: The rupee on Monday slipped from the six-week high level to close at 64.68 a dollar, down 13 paise on fresh demand for the American currency from banks and importers.
 
Surging oil prices worldwide and a sudden spike in capital outflows also triggered volatility in the domestic currency market. Foreign investors pulled out around Rs 9,690.84 crore from equity markets on Friday.
 
Country's foreign exchange reserves also fell for the second straight week to USD 398.761 billion, as per RBI data.
 
Crude zoomed to trade above the USD 62 a barrel on signs that global inventories are shrinking. The prices also got support from expectations that the OPEC and allied producers will extend their glut-reduction accord beyond its March expiry.
 
In the meantime, it was a mixed finish for the local stock market Monday with the benchmark Sensex closing at a record high, while the Nifty ended soft after climbing past yet another new milestone level in intra-day action.
 
The rupee opened weak at 64.66 against last Friday's close of 64.55 at the Interbank Foreign Exchange (FOREX) market as the home currency lacked catalyst to extend its weekend rally.
 
The domestic currency hit a low of 64.74 in afternoon deals as banks stepped up dollar purchases for their importer clients.
 
It finally settled at 64.68, revealing a fall of 13 paise, 0.20 per cent.
 
The RBI, meanwhile, fixed the reference rate for the dollar at 64.7267 and for the euro at 75.1801.
 
On the global front, the greenback held steady against other major currencies, as investors were still digesting the flurry of US economic reports and awaited additional information on a US tax reform plan.
 
The dollar index, which measures the greenback's value against a basket of six major currencies, was up at 94.92 in early trade.
 
In cross-currency trades, the rupee retreated against the pound sterling to finish at 84.76 from 84.37 per pound and also drifted back against the Japanese yen to settle at 56.71 per 100 yens from 56.56 earlier.
 
The rupee, however, hardened against the euro to close at 74.99 from 75.14 previously.
 
Elsewhere, the euro is trading little changed against the greenback after services activity indices in the Eurozone eased in October, but still indicating solid rate of economic expansion.
 
Pound Sterling, however, edged higher, recovering some of the ground it lost late last week on Bank of England interest rates guidance.
 
In forward market Monday, premium for dollar remained weak owing to sustained receiving from exporters.
 
The benchmark six-month premium payable in April moved down to 136.50-138.50 paise from 137-139 paise and the far forward October 2018 contract also eased to 275.50-277.50 paise from 276-278 paise.
 
On the international energy front, global crude prices hit their highest levels since July 2015 early on Monday amid speculations that OPEC aims at lifting oil prices to USD 70 per barrel.
 
Strong US macroeconomic data and hopes that a tax reform would further stimulate growth have depicted an optimistic demand growth outlook, boding well for the demand/supply rebalancing.
 
Brent futures, the international benchmark for oil prices, hit USD 62.44 per barrel in early Asian trade.
 
US West Texas Intermediate (WTI) crude hit USD 56.00 per barrel in early trading and was at USD 55.83, up 19 cents, or 0.3 per cent from the last settlement.
A A
       BUSINESS
Next Article: Gold advances Rs 52 on positive global cues
 
 
BUSINESS HEADLINES
Sensex slides 146 pts on profit-booking, political developments  
India prepared to impose 'safeguards' if steel imports rise: government source  
Nickel falls on lower demand  
May announces new 2 bn pounds UK-Italian fighter jet project  
Infosys shares soar 6% after Q1 earnings  
Rupee slips 6 paise against US dollar  
Niti Aayog working on proposal to replace LPG subsidy with cooking subsidy: Kumar  
India to be $10 trillion economy by 2030: Garg  
No question of closure of DCI; 3 ports to pick up govt stake: Gadkari  
India to be $10 trillion economy by 2030: Garg  
Markets slip from record to end flat on profit-booking  
Markets slip from record to end flat on profit-booking  
No question of closure of DCI; 3 ports to pick up govt stake: Gadkari  
Retail inflation rises to 5 percent in June  
Retail inflation soars to 5% in June, IIP presides to 3.2% in May  
Indian Army signs MoU with SBI on salary package  
US dollar ends sharply lower against rupee  
Gold, silver recover on mild demand  
BSNL starts first internet telephony service in India  
Sensex nears all-time high; TCS shines on Q1 show  
Gold futures gain 0.06% on global cues  
Goyal asks Coal India to ensure supply for power sector  
Grex Alternative Investments Market looks to raise $100 mln  
Cong targets PM over fall in value of Rupee  
Set up central agency to evaluate big loan proposals: ICAI  
 
Do you agree with Modi's stand that Kerala didn't use properly Central govt funds?
Yes
 
No
 
Don't know
 
 
 
Home Kerala India World Business Sports Sci&Tech Education Automobile CityNews Movies Environment Letters 
© Copyright keralakaumudi Online 2011  |  Reproduction in whole or in part without written permission is prohibited.
Head Office Address: Kaumudi Buildings, Pettah P.O, Trivandrum - 695024, India.
Online queries talk to Deepu Sasidharan, + 91 98472 38959 or Email deepu[at]kaumudi.com
Customer Service -Advertisement Disclaimer Statement   |  Copyright Policy