NRI Newsletter - Market News

NRI Newsletter - Market News

DATE: Wednesday, 27th August 2014

USD/INR: as on 26th August, 2014
 
The Indian Rupee rose on Tuesday, tracking gains in other Asian currencies, although broader gains were curbed by concerns about the wider economic impact after the country's top court ruled that coal blocks awarded since 1993 were illegal.  Any mass cancellation of the coal blocks could lead to a surge in imports and widen the trade deficit given the impact on domestic production. The court will decide on Sept. 1 whether to cancel the allocations. Rupee gains were also curbed ahead of gross domestic product data for the April-June quarter on Friday and possibly current account deficit numbers sometime this week. Rupee closed at 60.44 per dollar compared with 60.47 in the previous session. The gains tracked higher Asian currencies on hopes that the region would continue to attract capital inflows should the European Central Bank further ease monetary policy as some analysts expect.


Rupee Forward premiums (as on 26th August, 2014, 2014)   
One year Bench Mark forward premiums closed lower for the day on Tuesday. The bench mark one year premium closed at 8.17% on Tuesday, against its previous close of 8.18% on Monday.  
USD/INR as on 26th August, 2014
Currency
OPEN
HIGH
LOW
CLOSE
USD/INR
60.52
60.5550
60.43
60.44
Highest till date: 68.85 on 28th August, 2020
 
Forward premium (%) as on 26th August, 2014
Periods
1 Mth
3 Mth
6 Mth
12 Mth
Premiums
8.33/8.69
8.37/8.50
8.38/8.45
8.14/8.17
 
 
Cash/Tom/Spot Levels: (in Paisa)                                        
 (Updated as on 27th August, 2014 @ 10.00 AM)
 
Cash/Spot:         7.60/9.10             Cash/Tom:       1.10/1.60
Tom/Spot:         6.50/7.50              Spot/Next:       1.20/1.50
 
Cash Date                                           27th August.
Tom Date
Spot Date
         28th  August.
         02nd September.
 
 
** Today’s USD/INR Spot date is 02nd September 2014 since 29th August 2014 is a Mumbai Holiday on account of Ganesh Chaturthi and 01st September 2014 is a New York Holiday on account of Labour Day.
 
MAJOR WORLD CURRENCIES: as on  26th August, 2014, 2014
 
USD:   The dollar traded largely higher against most major currencies on Tuesday, bolstered by mixed but largely positive data. The U.S. Commerce Department reported earlier that total durable goods orders, which include transportation items, surged by 22.6% last month, blowing past expectations for an increase of 7.5%. Separately, the Conference Board reported that its widely-watched consumer confidence index rose to 92.4 for August, the highest since October 2007, from 90.3 in July, whose figure was revised down from a previously reported 90.9. Analysts expected the index to decline to 89.0 in August. Tuesday's mixed data gave the greenback broad support, as it depicted a strengthening U.S. economy, though profit taking sent the U.S. currency giving back gains, as the dollar had advanced in recent sessions on upbeat data and optimistic comments from Federal Reserve Chair Janet Yellen. Geopolitical tensions dampened demand for the dollar as well. The US Dollar Index.
 
 
EUR:  The Euro traded lower against the US dollar on Tuesday as investors digested sharply mixed U.S. durable goods data alongside an upbeat consumer confidence report. In U.S. trading on Tuesday, EUR/USD was down 0.16% at 1.3167, up from a session low of 1.3163 and off a high of 1.3214. The euro, meanwhile, saw demand from bottom fishers. On Friday, European Central Bank President Mario Draghi said monetary authorities stood "ready to adjust our policy stance further" and will use all necessary tools to “ensure price stability over the medium term.”
 
GBP:  The greenback was up against the pound on Tuesday, with GBP/USD down 0.21% at 1.6539.
 
GOLD:  Gold prices ended another quiet trading session on firmer footing on  Tuesday, on some bargain hunting and short covering following recent losses. Spot gold was last quoted up $8.10 at $1,284.75.
 
 
Outlook For The Day (27th August, 2014)
USD/INR is expected to trade in a range between 60.35 to 60.65 with lower bias. In Overseas markets US Dollar may strengthen against the majors.   
 
 
 
MAJOR WORLD CURRENCIES:
as on  26th August, 2014
 
CURRENCY
OPEN
HIGH
LOW
CLOSE
EUR/USD
1.3191
1.3214
1.3163
1.3167
GBP/USD
1.6577
1.6595
1.6537
1.6539
JPY/USD
104.04
104.17
103.72
104.05
 
 
Foreign Currencies  
(Updated: 17:30 hrs on 26th August ,  2014)    
 
 
USD/INR 60.44
Against
        USD
           INR
1 EUR    =
1.3191
79.73
1 GBP    =
1.6571
100.16
100 JPY  =
103.92
58.16
1 AUD    =
0.9310
56.27
1 CHF    =
0.9157
66.00
 
 
Precious Metals 
(Updated: 17:30hrs on 26th August , 2014)
 
 
Gold ($/oz)
1287.64
Silver ($/oz)
19.55
 
 
Stock Indices
(As on 26th August , 2014)
 
 
Index Close
25th August
26th August
BSE Sensex
26437.02
26442.81
NSE Nifty
  7906.30
  7904.75
Dow Jones
17076.87
17106.90
NASDAQ
  4557.35
  4570.64
 
 
 
 
    Major Economic Data Releases for the Day
 
Date
Region
Time(IST)
Description
 
27.08.2014
EUR
11.30
German Consumer Confidence.
 
 
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