Indian Rupee ends at Rs. 59.27 - ICICI Bank : Treasury Research

The Indian Rupee opened lower at 59.78 tracking losses in other Asian peers amidst weak global cues. The currency remained under pressure intraday amidst owing to a weaker Euro and Dollar demand from oil importers. However, the Rupee pared losses in subsequent trade, supported by corporate Dollar inflows. Recovery in domestic stocks coupled with subdued crude oil prices further aided gains in the Rupee. The Rupee ended the day at 59.27, compared to yesterday's close of 59.57.

The 6 and 12-month forward premia closed at 5.89% and 5.61% respectively as against 5.90% and 5.62% yesterday.

The Dollar is trading little changed, holding on to yesterday's gains amidst continued speculation over tapering of asset purchases by the Fed going ahead this year. The Euro is trading lower as narrowing of Eurozone current account surplus to EUR 19.5 bn from prior EUR 25.9 bn raised concerns over the external sector outlook. The common currency also remained under pressure as the IMF said that Greece would be assured of international aid as long as the country makes progress on the reform path. The Pound is trading lower despite a decline in its current budget deficit to GBP 5.3 bn in May from prior GBP 15.9 bn as global risk sentiment remain subdued. The Yen witnessed losses for the fifth consecutive session on the back of underlying Dollar strength. The Dollar index is currently at 81.93, little changed from previous close. EUR/USD is trading around 1.3210, compared to yesterday's closing levels of 1.3220; GBP/USD is trading around 1.5450 as against previous close of 1.5509. USD/JPY is trading around 97.69 compared to previous close of 97.28. (17:30 IST)

Source : Equity Bulls

Keywords