RSS Feed (xml)

Powered By

Skin Design:
Free Blogger Skins

Powered by Blogger

Wednesday, April 11, 2012

Recovery of Rupee and so India from Tsunami fear

The rupee today recovered from three-month lows to close higher by 5 paise at 51.42/43 against the US currency on fresh dollar selling by banks despite weak equity markets. 
The rupee resumed lower at 51.51/52 per dollar at the Interbank Foreign Exchange ( Forex) market against the last close of 51.47/48. It dropped further to a three-month low of 51.70 on renewed dollar demand from importers amidst weakness in local equity markets. 
But, later it recovered to 51.38 per dollar before settling at 51.42/43 per dollar, showing a gain of five paise. 

Fresh selling of dollars by banks and exporters in view of weak dollar in overseas markets mainly boosted the rupee's value against the dollar, a dealer said.
In London, the yen rose to a six-week high against the dollar today as concerns grew about worsening debt problems in a number of euro zone economies that may threaten global growth, boosting demand for the safe-haven currency.
In second day of dull trading, the BSE Sensex fell 44 points to 17,199.40 as investors remained cautious ahead of industrial growth data, weak global markets and a massive earthquake in Sumatra that triggered tsunami fears in the Asian region, including India. 

India issued a tsunami warning for Nicobar islands and alerted the coastal regions of Tamil Nadu and Andhra Pradesh following the quake during the last hour of trading, and the stock market was unable to sustain the gains it had begun to make just before that. 

No comments: