The rupee fell the most in over a month on Friday at 53.51 against the dollar, extending its losses for a third session, on a weaker euro and domestic equity markets.
Capital outflows and euro’s decline to a near a two-week low were a drag on the Indian unit. In the opening trade, the rupee slipped 22 paise to trade at 53.44 from a close of 53.22 on Thursday after the Government lowered the advance GDP estimate to a decade low of 5 per cent.
The Euro weakened as the European Central Bank Chairman said that he would monitor the impact of the currency's strength and will alter the risk assessment as far as the price stability is concerned.
The Indian unit moved in the range of 53.65 to 53.42 to the dollar during the day.
Investors will watch out for inflows from other upcoming share sale like MMTC and SAIL among others that may further boost the rupee.
Call Rates and Government Bonds
The inter-bank call money market closed higher at 7.80 per cent from yesterday’s close of 7.50 per cent. Intra-day, it moved in the 7.50 to 7.85 per cent range
The 10-year benchmark 8.15 per cent government security, which matures in 2022, closed at Rs 101.98 from Thursday’s close of Rs 101.76, while the yields ended lower at 7.84 from 7.87 per cent.
Keywords: Rupee, dollar, euro, forex market, equity market, ECB Chairman, euro stability, call rates, government security,
Comments:
help rupee by adopting solar cookers.How long we will try inflationary
means of growth by increasing consumption through visible and
invisible subsidies and rate cut? Why we can not adopt my idea of
trying to substitute the use of costly , forex depleting , subsidized
, scarce and bad stuffs and services overlooking their thousand better
substitutes.My solar cooker is making wheat -gajar - matar -daliya
today without needing cooking cost and time. Come on indians , NRIs
and PIO abroad let us increase number of our solar cookers from less
than a million to more than 1500 million in February 2013 to save lpg
worth Rs 6 trillion or 60% of trade deficit and to our common mother
India.
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