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Forex »
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Rupee weaker by 5 paisa against dollar
September, 22nd 2009

The rupee was flat on Tuesday noon despite stocks posting handsome gains and dollar trading weak globally. Dealers attributed the weakness to oil companies buying dollars to pay for their imports.

At 12.15 pm, the rupee was at 48.18, marginally lower than Friday's close of 48.13. The market was closed on Monday for a bank holiday. The rupee touched a low of 48.23 in early trade.

Dealers expect the rupee to strengthen in the coming days thanks to the increasing risk appetite for emerging market assets including India. The dollar index - a gauge of the greenbacks movement against six global majors - was down 0.4% by noon. The index hit a one-year low last week.

The dollar has been losing sharply this month as investors are increasingly shifting into riskier assets on increasing signs the global economy is recovering.

We expect rupee to strengthen in the immediate short term, but its unlikely to breach the 47.50 level, said Rugved Dhumale, senior vice president at Mecklai Forex, a forex advisory firm. However there is a chance that the local unit may see a round of weakening before the year end, prompted by foreign funds withdrawing their investments in the capital markets, he added.

Government bonds are trading weak after the government announced plans to auction Rs 12,000 cr of fresh bonds this week, Rs 4,000 cr more than indicated in the calendar.

The yield on the 10-year benchmark bond traded at 7.13 on Tuesday, below Friday's closing of 7.09%. Bond markets were also closed on Monday. The 10-year yield fell 27 basis points last week on expectations that the borrowing calendar is near its final stage.

 
 
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