The dollar dropped against its major counterparts in the overseas market after reports showed that China's inflation accelerated to 5.5 per cent in May 2011, the fastest pace in almost three years and industrial output increased 13.3% last month, more than the forecasted figure of 13.1 per cent, reducing the demand for dollar as a safe haven currency. The U.S. currency also weakened before the U.S. report that may show retail sales fell in May 2011 and producer price index slowed last month. These reports have scheduled to release at 06:00 PM IST today.
At the Chicago Mercantile Exchange (CME), EURUSD future for September contract traded at US$1.4418 per euro (dollar depreciated by 0.03 per cent against EUR) and GBPUSD for September contract traded at US$1.6409 per pound (dollar depreciated by 0.21 per cent against GBP) at 12:00 PM IST today.
S&P CNX NIFTY, at NSE, traded at 5,493.60, up by 0.20 per cent, after opening at 5,485.60 against the previous closing of 5,482.80. It touched the intra-day high of 5,520.15 till the trading. (At 12:06 PM today).
At NSE, USDINR for June contract traded at Rs. 44.8750 per dollar, rupee appreciated by 12 paise, after opening at Rs. 44.9450 against the previous closing price of Rs. 44.9950. It appreciated to Rs. 44.8650 per dollar with a business volume of 10,54,803 lots till the trading. (At 12:08 PM today).