Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: VAT RATES :: TDS :: due date for vat payment :: VAT Audit :: ACCOUNTING STANDARD :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt
 
 
Forex »
 Perils of an ad hoc forex policy
 Rupee depreciated by 17 paise to Rs 45.62 a dollar in early trade
 Rupee strengthened by 7 paise against dollar
 Rupee up by 4 paise against dollar in early trade
 Rupee falls by 18 paise at 4-week low against dollar
 Rupee drops on weak shares; inflation eyed
 Rupee raises 6 paise against dollar in early trade
 Rupee among most traded in futures market
 Indian rupee gain 12 paise against US dollar
 Rupee marginally rise up by 1 paise against US dollar
 Rupee drops tracking euro, choppy shares

Indian rupee dropped on as the dollar climbed against major units
October, 27th 2010

The Indian rupee dropped on Wednesday as the dollar climbed against major units, and subdued domestic stocks cast a shadow on foreign inflows. Oil refiners, the largest buyers of dollars in the local currency market, are expected to step up their purchases for import payments due at the end of each month.

At 10:20 a.m. (0450 GMT), the partially convertible rupee was at 44.56/57 per dollar, weaker than 44.435/445 at close on Tuesday. "The dollar opened strong because of weakness in euro and majors. There will also be buying on dips. Expecting outflows coupled with month-end demand to push the dollar further higher later," said Hari Chandramgathan, a forex dealer at Federal Bank .

"I expect a broad range of 44.50-44.70 range today." Traders expect the rupee to weaken towards 45 when Coal India begins to refund by early next week excess subscriptions for its $3.5 billion IPO, which had attracted institutional orders for about $27 billion mainly from foreign funds.

The dollar edged higher against the yen and euro on Wednesday after the Wall Street Journal said the U.S. Federal Reserve was likely to unveil plans for gradual Treasury purchases at its policy meeting next week.

The index of the dollar against six major currencies was up 0.2 percent. Indian shares fell 0.4 percent in early trade, with outsourcers among the losers, taking cues from weak Asian markets.

Foreign funds have bought shares worth a record $24.6 billion so far in 2010, in addition to last year's $17.5 billion. One-month offshore non-deliverable forward contracts were quoted at 44.95, weaker than the onshore spot rate.

In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange , MCX-SX and United Stock Exchange were all at 44.5575, with the total traded volume on the three exchanges at about $1.5 billion.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Privacy Policy

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions