Business Daily from THE HINDU group of publications
Saturday, Feb 06, 2010
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Business Daily from THE HINDU group of publications Saturday, Feb 06, 2010 ePaper | Mobile/PDA Version | Audio | Blogs |
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Forex Markets - Stock Markets Our Bureau Mumbai, Feb. 5 The rupee slipped against the US dollar on Friday, tracking the weak domestic equity markets and the stronger greenback in the international market. The Indian currency lost 46 paise to a dollar, touching a month-low at 46.75. The rupee opened at 46.46 and closed at 46.72, against the earlier close of 46.26. “While the rupee is inherently strong, one can't disregard global equities and currency markets. There are lot of inflows which is supporting the rupee at these levels,” said a dealer with a private bank. The euro declined by 200 basis points against the dollar during the day. If the euro weakens still further, the rupee could open at 47, on Monday, said the dealer. In the overseas market, the dollar is gaining because risk aversion is coming back into the market. Forex reserves Meanwhile, the foreign currency reserves declined by $1.983 billion to $280.955 billion for the week ended January 29, according to the latest Reserve Bank of India data. This is the second week in a row that forex reserves have decreased. While currency revaluation is the major reason for the decline, selling by foreign investors has also contributed to the fall. “FIIs have been net sellers for some time now and that is reflecting in the decline in reserves,'' the dealer said. More Stories on : Forex | Stock Markets
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