Re Retreats From 5-1/2 Month High
The rupee weakened on Thursday, retreating from a new 5-1/2 month high touched earlier, weighed by the dollar's strength overseas and choppy local shares.
Traders, however, expect the Indian unit to remain firm in the near-term on the back of robust dollar inflows, and see strong support at 43.95 a dollar in the near term. The rupee closed at 44.20/21 per dollar, after touching 44.0950 earlier in the day, its highest since October 15. On Wednesday, it had ended at 44.16/17.
The dollar index against six major currencies was up 0.18% at 75.649 points at the close of the local forex trade, compared with 75.571 points at the close of local trade on Wednesday.
The one-month onshore forward premium was at 24.50 basis points, down from 26.25 on Wednesday.
The one-month offshore non-deliverable forward contracts were quoted at 44.39, weaker than the onshore spot rate.
In the currency futures market , the most traded near-month dollar-rupee contracts on the National Stock Exchange, the MCXSX and the United Stock Exchange were at 44.3575, 44.3550 and 44.3550, respectively, with the total volume at about $6.37 billion.
The rupee weakened on Thursday, retreating from a new 5-1/2 month high touched earlier, weighed by the dollar's strength overseas and choppy local shares.
Traders, however, expect the Indian unit to remain firm in the near-term on the back of robust dollar inflows, and see strong support at 43.95 a dollar in the near term. The rupee closed at 44.20/21 per dollar, after touching 44.0950 earlier in the day, its highest since October 15. On Wednesday, it had ended at 44.16/17.
The dollar index against six major currencies was up 0.18% at 75.649 points at the close of the local forex trade, compared with 75.571 points at the close of local trade on Wednesday.
The one-month onshore forward premium was at 24.50 basis points, down from 26.25 on Wednesday.
The one-month offshore non-deliverable forward contracts were quoted at 44.39, weaker than the onshore spot rate.
In the currency futures market , the most traded near-month dollar-rupee contracts on the National Stock Exchange, the MCXSX and the United Stock Exchange were at 44.3575, 44.3550 and 44.3550, respectively, with the total volume at about $6.37 billion.
No comments:
Post a Comment