The Indian rupee extended its gains, opening higher for the fourth straight day on Thursday, July 19, 2012 tracking a steadier euro overnight and positive regional shares as strong corporate profits from U.S. bellwethers allayed fears of a slowdown in earnings. The domestic currency opened higher by 20 paise at Rs 55.30 to a dollar and edged up to a high of 55.27 before retreating back to a low of 55.35 so far during the day. Positive local shares also aided sentiments. In the spot currency market, the Indian unit was last seen trading at 55.33, up around 18 paise or 0.32% as compared to previous close at 55.50.Rupee to some extent was weighed down by euro that came under pressure. A steady euro overnight however came under pressure after reported comments by German Chancellor Angela Merkel rekindled fears about the euro zone debt crisis, to the benefit of the safe-haven currencies. The euro was last at $1.2288, up about 0.1 percent and above an overnight low of $1.2216. It remained above a two-year low of $1.2162 hit last week.Domestic benchmark indices surged after provisional data showed foreign funds remained buyers of Indian stocks on Wednesday, 18 July 2012. The barometer index BSE Sensex and the 50-unit S&P CNX Nifty hit their highest level in nearly one week, with sentiment also boosted by firm Asian stocks. Asian stocks rose on Thursday after strong US housing data overnight and after broadly reassuring comments from Federal Reserve Chairman Ben Bernanke in his second day of testimony to Congress on Wednesday, 18 July 2012.Data showing sustained buying of Indian stocks by foreign funds this month underpinned boosted sentiment on the domestic bourses. Foreign institutional investors (FIIs) bought shares worth a net Rs 276.40 crore on Wednesday, 18 July 2012, as per provisional data released by the stock exchanges. At the time of writing, the BSE Sensex was up 112.27 points or 0.65% to 17,297.28 while the S&P CNX Nifty was up 37.40 points or 0.72% to 5,253.70.In the domestic currency futures market on the NSE, the forward month July contract opened on Thursday, July 19, 2012 at 55.34, higher than the spot market rupee. The contract hit an intraday high at 55.42 and registered a low at around 55.23 so far during the day. At the time of writing, the NSE July 2012 USD/INR contract was trading at around 55.41, down by around 11 paise or 0.20% as compared to previous close at 55.52.
RBI REF RATE
*As against previous working day
NSE CURRENCY FUTURES - Contract-27JUL '12
Powered by Commodity Insights