RBI sets rupee reference rate at 65.5529 against dollar

RBI_23_9_2013The Reserve Bank of India today fixed the reference rate of the rupee at 65.5529 against the US dollar and 76.7756 for the euro. The corresponding rates were 65.3552 and 77.0603, as on September 29. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 86.8707 and 57.97 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quotes at noon. The SDR-rupee figure will be based on this rate, the statement added.

 

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Nickel futures dip amid easing demand

230770Nickel futures were trading lower during the afternoon trade in the domestic market on Tuesday tracking a weak trend in base metals at the London Metal Exchange (LME) amid muted demand at the domestic spot markets. Market analysts said the fall in nickel prices was mostly in tune with a weak trend in the base metals pack at the LME. Besides, muted demand from alloy-makers at the domestic spot markets weighed on metal prices in futures trade.

 

At the MCX, nickel futures for October 2017 contract is trading at Rs 687.50 per kg, down by 0.12 per cent, after opening at Rs 684, against a previous close of Rs 688.30. It touched the intra-day low of Rs 683.90.

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Indian rupee slips 37 paise in opening trade

sdThe Indian rupee plunged in the early trade on Tuesday. It has opened lower by 37 paise at 65.65 per dollar versus 65.28 Friday.

 

Bhaskar Panda of HDFC Bank said, “The dollar got a boost from better than expected ISM manufacturing data as well as President Trump’s much awaited tax reforms to climb towards touching distance of 94 levels.”

“The USD-INR pair will be under pressure today as I expect the 65.25-65.50 range to prevail.””The 10-year benchmark bond yield is expected to trade within the 6.65-6.68 percent range for today,” he added.

The dollar gained against the euro and the yen as investors took a bullish view of the US economy and as the single currency was hurt by a violence-marred independence vote in Spain’s Catalonia region.

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