NRI Newsletter - Market News

NRI Newsletter - Market News

 

DATE: Tuesday, 30th September 2014

USD/INR: as on 29th September, 2014
 
Indian Rupee on Monday tanked 35 paise to log nearly 7-month closing low of 61.50 against the Greenback following dollar demand from importers and some weakness in stocks ahead of the RBI policy review on Tuesday. Sustained capital outflows also kept the Rupee under pressure. The domestic unit commenced lower at 61.35 a dollar from previous close of 61.15. It immediately touched a high of 61.31 on initial firmness in local equities.
Later, it fell back sharply to a low of 61.62 before concluding at 61.50, showing a fall of 35 paise or 0.62 per cent. This is its weakest level since March 5, 2014 when it closed at 61.75.  The Indian equity benchmark Sensex on Monday eased by 29.21 points, or 0.11 per cent. FIIs had pulled out USD 39.95 million last Friday as per Sebi data.

 
 
Rupee Forward premiums (as on 29th September, 2014)
One year Bench Mark forward premiums closed a lower for the day on Monday. The bench mark one year premium closed at 8.05% on Monday, against its previous close of 8.21% on Friday.  
USD/INR as on 29th September, 2014
Currency
OPEN
HIGH
LOW
CLOSE
USD/INR
61.35
61.62
61.31
61.50
Highest till date: 68.85 on 29th August, 2013
 
Forward premium (%) as on 29th September, 2014
Periods
1 Mth
3 Mth
6 Mth
12 Mth
Premiums
7.92/8.28
8.03/8.15
8.11/8.17
8.01/8.05
 
 
USD/INR Cash/Tom/Spot Levels: (in Paisa)                                       
 (Updated as on 30th  SEPTEMBER 2014 @ 10.30 AM)
 
Cash/Spot:             8.00/10.00       Cash/Tom:    1.20/1.60
Tom/Spot:              7.00/8.50         Spot/Next:    1.10/1.60
 
Cash Date                                           30th September.
Tom Date
Spot Date
         01st  October.
         07th October.
 
 
 
Mumbai Forex Markets would be closed from 02nd October 2014 to 06th October 2014 on account of local holidays there.
 
 
MAJOR WORLD CURRENCIES: as on 29th September, 2014
 
USD:  The dollar traded mixed against most major currencies on Monday as investors digested a mixed bag of U.S. data. Expectations for U.S. monetary policy to grow less accommodative at a time when others may move to loosen have firmed the dollar in recent sessions, though by Monday, mixed U.S. data gave investors room to sell the greenback for profits. The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.06% at 85.72. On Tuesday, the U.S. is to publish data on business activity in the Chicago region and a report on consumer confidence.
 
 
EUR:  The Euro saw demand from bottom fishers. Last week, European Central Bank President Mario Draghi reiterated the bank's commitment to act with more policy measures to boost inflation in the euro zone. Draghi had vowed to keep monetary policy "accommodative" for as long as needed, and to use every tool at the ECB's disposal to fight deflation. In U.S. trading on Monday, EUR/USD was up 0.06% at 1.2684.
 
 
GBP:  The greenback was largely unchanged against the pound, with GBP/USD up 0.01% at 1.6240.
 
 
GOLD: The spot gold market was modestly lower on Monday. Some light bargain hunting was featured on Monday, following recent solid selling pressure that drove the gold prices to a nine-month low last week. The powerful rally in the U.S. dollar index remains a major bearish underlying factor for the precious metals markets. Spot gold was last quoted down $2.40 at $1,217.50.
 
 
Outlook For The Day (30th  September, 2014)
Ahead of RBI policy today USD/INR is expected to trade in a range between 61.45 to 61.75 with higher bias. In Overseas markets US Dollar may strengthen against the majors.   
 
 
MAJOR WORLD CURRENCIES:
as on  29th September, 2014
 
CURRENCY
OPEN
HIGH
LOW
CLOSE
EUR/USD
1.2684
1.2715
1.2663
1.2684
GBP/USD
1.6244
1.6274
1.6213
1.6240
JPY/USD
109.16
109.74
109.11
109.46
 
 
Foreign Currencies  
(Updated: 19:30 hrs on 29th September,  2014)
 
 
USD/INR 61.50
Against
        USD
           INR
1 EUR    =
1.2705
78.14
1 GBP    =
1.6239
99.87
100 JPY  =
109.37
56.23
1 AUD    =
0.8739
53.74
1 CHF    =
0.9503
64.72
 
 
Precious Metals 
(Updated: 19:30hrs on 29th September, 2014)
 
 
Gold ($/oz)
1216.30
Silver ($/oz)
    17.58
 
 
Stock Indices
(As on 29th September, 2014)
 
 
Index Close
26th September
29th September
BSE Sensex
26626.32
26597.11
NSE Nifty
  7968.85
  7958.90
Dow Jones
17113.05
17071.22
NASDAQ
  4512.19
  4505.85
 
 
    Major Economic Data Releases for the Day
 
Date
Region
Time(IST)
Description
 
30.09.2014
INDIA
11.00
RBI policy rate decision.
30.09.2014
U.K.
14.00
Final GDP data.
30.09.2014
EUR
14.30
Euro Zone Unemployment rate and Consumer Price Index Data.
30.09.2014
U.S.
19.30
Consumer Confidence.
 
 
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