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  3. Rupee snaps five day winning streak; weak local shares weigh

Rupee snaps five day winning streak; weak local shares weigh

02 Jun 2011 Evaluate

Indian rupee after snapping five days winning streak is trading weak in line with other Asian currencies on Thursday on the back of the negative local shares. Even the plunge of Euro is weighing on the sentiment; however, weak dollar overseas has capped the losses for the domestic currency. On the global front, the euro plunged to a session low on Wednesday after Moody's cut Greece's credit rating by three notches, citing a growing risk that the government will fail to stabilize its debt position without a restructuring. Meanwhile, the dollar skidded to an all-time low after poor manufacturing and employment data stoked expectations that US interest rates will remain low for longer than markets have expected.

Back home, local shares were caught in deep sea of red ahead of the release of the weekly food and fuel inflation which eased to 8.06% on annual basis during week-ended May 21, from an annual rise of 8.55% recorded in the previous week. Meanwhile, the broader ‘primary articles’ index, which has a weight of 20.12% in the overall wholesale price index (WPI) declined by 0.4% to 191.7 from 192.4 seen in the previous week. The annual rate of inflation, calculated on point to point basis, for this group stood at 10.87% for the week ended May 21 as compared with 11.60% in the previous week.

The partially convertible Rupee is currently trading at 44.93/94; weaker by 9 paise from its previous close of 44.84/85 on Wednesday. It has touched a high and low of 44.97 and 44.90 respectively. The Reserve Bank of India's reference rate for the US dollar stood at 44.89 and for Euro it stood at 64.76 on June 1, 2011. While, the RBI's reference rate for the Yen stood at 55.17 and the reference rate for the Great Britain Pound (GBP) stood at 73.8463. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
June 01,201144.89 73.8463
May 31,201145.03 74.4323
RBI-Reference Rate
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