Rupee gains against US dollar

Posted By: Religare
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The Indian rupee appreciated by 0.06 paise to Rs 54.5625 against the US dollar on Tuesday as a result of fresh selling of the US currency by exporters, in the midst of sustained foreign capital inflows as well as a higher opening in the domestic equity market.

At MCXSX, USDINR for March 2013 contract traded at Rs. 54.5625 per dollar, rupee appreciated by 0.06 paise, after opening at Rs. 54.5200 against the previous closing price of Rs. 54.6200.

Rupee rose to Rs. 54.3675 per dollar with a business volume of 1225120 lots till the trading. (At 12.30 PM today). Sentiment improved further on signs exports and factory output in Asia's third-largest economy is improving. Indian factory production in January probably rose from a year earlier after shrinking in December, boosted by a pick-up in domestic demand and infrastructure output at a three-month high. Industrial production (IIP) was estimated to have risen an annual 1.2% in January after unexpectedly falling 0.6% in December.

At the Chicago Mercantile Exchange (CME), EURUSD future for March 2013 contract traded at US$1.3016 per euro (USD appreciated by 0.14 per cent against EUR) and GBPUSD future for March 2013 contract traded at US$1.4888 per pound (USD appreciated by 0.14 per cent against GBP) at 12.29 PM today.

S&P CNX NIFTY, at NSE, was trading at 5,902.75, down by 0.67 per cent, after opening at 5,944.60 against the previous closing of 5,942.35. It touched the intra-day low of 5,901.10 till the trading. (At 12.29 PM today).

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