Rupee seen watching stock flows for cues December 11, 2008
Posted by dhirendra1972 in Asin Share markets, Foreign funds, Foreign Investors, Local Market.Tags: Funds, Investors, Offshore, Onshore, Rupee, Shares, Stocks, Trade
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Good morning friends. Start of the week again. As usual I’m not missing the chance to know what is happening to the world especially to India.
The rupee may be hesitant in early deals given mixed signals from Asian share markets, with traders looking to see if there is follow up to strong buying of stocks by foreign investors.
* The partially convertible rupee closed at 49.03/04 on Wednesday, 1.1 percent stronger than its previous close of 49.58/59. It rose as high as 48.88 during trade, its strongest since Nov. 17.
* Around 8:40 a.m., Japan’s Nikkei index was down 0.8 percent, Hong Kong’s main index was down 0.1 percent and South Korea’s index was up 0.9 percent.
In Singapore, NIFTY index futures were up 1.3 percent, suggesting a stronger opening for local markets.
* Foreign funds bought a net $238 million of shares in the three sessions to Monday, but are net sellers of $13.6 billion so far in 2008. Last year they had bought a record $17.4 billion.
* One-month offshore non-deliverable forward contracts were quoting at 49.10/25, almost steady compared to the onshore spot rates, a reversal from much weaker rates seen in recent weeks.
ref: yahooindia
