Currency Corner


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Currency Corner

  1. 1. EQUITY RESEARCH 26th June 2012MM IS Equity Currency Corner 033 40110252 Recap Currency • India’s rupee fell toward a record low on speculation that oil importers LTP 1 D chng. stepped up purchases of dollars to pay month-end bills USD INR (Spot) 57.0350 -0.04 • The Reserve Bank of India (RBI) hiked the limit of external EUR INR 71.2690 -0.18 commercial borrowing (ECB) by USD 10 billion. The regulator also JPY INR 71.8500 -0.49 increased the limit of overseas investment in government bonds by USD GBP INR 89.1436 -0.58 5 billion to USD 20 billion • RBI made efforts to tap investments by qualified foreign investors (QFIs) Data Releases to resist rupees downfall against the dollar. QFIs, according to the Survey Prior release, can now invest in mutual fund schemes that hold at least 25% of their assets (either in debt or equity or both) in infrastructure sector Durable Good Order (US) 63.50 64.90 under the current USD 3 billion sub-limit for investment in mutual funds related to infrastructure RBI Reference Rate • The euro fell to the lowest level in more than a week against the yen amid concern that the European Union summit this week will fail to USD EUR GBP JPY solve the sovereign debt crisis. 57.0728 71.4005 88.9594 71.6000 • Three-month offshore non-deliverable forwards traded at 58.30 a dollar, compared with 58.28 yesterday Market Watch • As per provisional data, foreign Institutional Investors (FIIs) bought shares worth net Rs 153.1 crore on June.25, 2012 Indices LTP 1 D chng. • Moody’s Investors Service downgraded more Spanish banks yesterday as NIFTY 5121 0.12 German Chancellor Angela Merkel continued to oppose joint euro bonds SENSEX 16907 0.14 to resolve the crisis as officials prepare to meet in Brussels on June 28 Technical Check USD was little changed against the INR as it sustained above the 56.5 mark. The next resistance is seen around 57.35. If the currency breaches 57.35 on a closing basis, it might surge to 57.8 in the near term. On downside, a short term support is seen around 56.5 and a strong support is seen around 56. (spot levels) S1 S2 R1 R2 56.5000 56.0000 57.3500 57.8000
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