MARKET HEADLINES
Rupee recovers from initial losses, up 2 paise to 60.91 againstdollar
The rupee pared its initial losses to recover by two paise to 60.91 per dollar in late morning deals today following bouts of selling of the greenback by banks and exporters. The domestic unit resumed lower at 60.97 per dollar as against the last closing level of 60.93 at the Interbank Foreign Exchange (Forex) Market. It declined further to 61.02 on heavy bouts of dollar demand from importers. Later, it was quoting at 60.91 per dollar at 1030 hrs. The rupee was hovering in a range of 61.02 and 60.91 per dollar in late morning deals. Crude oil prices fell in Asian trade after International Energy Agency slashed its forecast for world crude demand this year and as dealers await key US economic data. In New York market, the dollar hovered below a 14-month peak against its major rivals in early trade as the sell-off in sterling and the euro tapered off. Meanwhile, the benchmark BSE Sensex was trading flat, marginally lower by 4.90 points, or 0.02 per cent, at 26,990.76 at 1040 hours.
Rupee slips tracking weak Asian currencies
Rupee was trading at 60.96/60.97 versus Thursday's close of 60.9250/9350. Asian currencies were trading mostly weaker versus USD. Pair is seen in a 60.80 to 61.10 range during the session. CPI data due post-market will be key for near-term direction. Nifty was up 0.1 per cent in early trade. Traders will monitor intra-day fund flows for direction.
Rupee snaps two-day fall by a whisker; data in focus
The rupee marginally snapped a two-day losing streak on Thursday after a largely volatile trading session during which the local unit closely mirrored the domestic share market ahead of key data points due later in the week. Shares fell for a third consecutive session to their lowest in nearly two weeks as three state-run companies, including Oil and Natural Gas Corp, slumped after the government said it would pare its holdings in them. Caution is expected to prevail ahead of consumer inflation data due on Friday, which comes ahead of the Reserve Bank of India's policy review on Sept. 30. India is also due to report trade numbers this week. "EMs (emerging markets) have been under pressure for past three days. In the morning, there was some respite as FIIs (foreign institutional investors) and some corporates sold $, but, renewed pressure on EM currencies later in the day impacted the INR as well," said Paresh Nayar, head of forex and fixed income at First Rand Bank. "CPI is due tomorrow and hopefully the pressure on EM currencies will ease soon. I still feel that 61.20-25 should be a good resistance for $/INR," he added. The partially convertible rupee ended at 60.9250/9350 per dollar, marginally stronger than its Wednesday's close of 60.94/95.
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