News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Forex »
 Perils of an ad hoc forex policy
 Rupee depreciated by 17 paise to Rs 45.62 a dollar in early trade
 Rupee strengthened by 7 paise against dollar
 Rupee up by 4 paise against dollar in early trade
 Rupee falls by 18 paise at 4-week low against dollar
 Rupee drops on weak shares; inflation eyed
 Rupee raises 6 paise against dollar in early trade
 Rupee among most traded in futures market
 Indian rupee gain 12 paise against US dollar
 Rupee marginally rise up by 1 paise against US dollar
 Rupee drops tracking euro, choppy shares

Indian rupee strengthened, no large dollar inflows expected
November, 11th 2010

The Indian rupee strengthened on Thursday, helped by the dollar's loss against majors and early gains in stocks, but dealers said it may come under pressure on likely importer dollar demand and lack of large dollar inflows.

"Oil importers are in the market every day. With oil prices rising so sharply, we expect oil importers to buy (dollars) today also," said a dealer at a foreign bank.

U.S. crude futures were steady on Thursday after closing at a 25-month high a day earlier, getting support from U.S. government data showing an unexpectedly heavy drawdown in crude and product inventories last week.

NYMEX crude for December delivery was up 47 cents at $88.28 a barrel, after settling up $1.09 at $87.81 a day earlier, the highest close since Oct. 8, 2008.

At 10:42 a.m., (0512 GMT), the partially convertible rupee was at 44.28/29 per dollar compared with Wednesday's 44.30/31 close.

"Most of the (dollar) inflows came in yesterday. The rupee will now mostly be rangebound. On either side, there is no trigger. Overseas funds are cutting their (dollar) positions ahead of the year-end," said another dealer at a foreign bank.

Power Grid Corp of India , the world's third-largest power transmission company, on Tuesday launched a share sale to raise up to $1.7 billion before it closes on Friday. The sale was fully covered on its first day.

Foreign funds have bought shares worth a record $28.5 billion so far in 2010, compared with last year's $17.5 billion.

Indian shares were trading down 0.2 percent after rising as much as 0.3 percent in early trade on Thursday taking cues from firm Asian markets.

The dollar lost steam on Thursday after four days of gains but remained close to significant barriers which if broken could see its short-covering rebound stretch higher against the likes of the yen and euro.

The dollar index against six majors was down 0.05 percent.

One-month offshore non-deliverable forward contracts were at 44.55, weaker than the onshore spot rate.

In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange, MCX-SX and United Stock Exchange were at 44.4475, 44.4450 and 44.4500 respectively, with the total traded volume on the three exchanges at about a moderate $754.2 million.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Portal Design Website Design Portal Designing Website Designing Web Design Professional Portal Design Professional Website Design Professional Web Design Portal Design India Website Design India Portal Designing India Website Designing India Web Design India Professional Portal Design India Professional Website Design India Chicago Professional Web Design New York Professional Web Design California Website Design Florida Website Design New Jersey Website Design Britain UK Website Design London Manchester Website Design

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions