Rupee and gold down
The rupee fell to its lowest in nearly two weeks on Tuesday, driven down by large outflows of capital refunded after a major initial public offering, traders said.
By Agencies |
Rupee slips to 2 week low on capital outflows
MUMBAI: The rupee fell to its lowest in nearly two weeks on Tuesday, driven down by large outflows of capital refunded after a major initial public offering, traders said.
The partially convertible rupee ended at 39.555/556, its lowest since January 23, and 0.3 per cent down from the previous close of 39.44/45.
"The rupee is down due to capital outflows relating to refunds from the Reliance IPO," said Agam Gupta, head of foreign exchange trading at Standard Chartered Bank in Mumbai.
"Foreign institutions are not putting their money back into the secondary market." In India's largest IPO to date, Reliance Power raised a record $3 billion, a sale that generated sizeable foreign interest.
The sale had received bids for $190 billion and the company is in the process of refunding the cash. India's benchmark share index ended flat on Tuesday, reversing losses incurred earlier in the day when a downgrade of US credit card companies and banks had sparked fears across Asia that the US economic downturn may spread.
Foreign funds were net sellers of Indian shares to the tune of $4.8 billion in 12 sessions between January 17 and 31, according to official data.
MUMBAI: The rupee fell to its lowest in nearly two weeks on Tuesday, driven down by large outflows of capital refunded after a major initial public offering, traders said.
The partially convertible rupee ended at 39.555/556, its lowest since January 23, and 0.3 per cent down from the previous close of 39.44/45.
"The rupee is down due to capital outflows relating to refunds from the Reliance IPO," said Agam Gupta, head of foreign exchange trading at Standard Chartered Bank in Mumbai.
"Foreign institutions are not putting their money back into the secondary market." In India's largest IPO to date, Reliance Power raised a record $3 billion, a sale that generated sizeable foreign interest.
The sale had received bids for $190 billion and the company is in the process of refunding the cash. India's benchmark share index ended flat on Tuesday, reversing losses incurred earlier in the day when a downgrade of US credit card companies and banks had sparked fears across Asia that the US economic downturn may spread.
ADVERTISEMENT
Foreign funds were net sellers of Indian shares to the tune of $4.8 billion in 12 sessions between January 17 and 31, according to official data.
| | Also Read |
| à | |
| à | |
| à | |
| à | |
| à | |
| à | |
| à |
Gold eases on weak Asian trend
NEW DELHI: Gold prices fell in the bullion market here on Tuesday as the prices fell by Rs 75 at Rs 11,680 per 10 gram following softening of rates in Asian markets.
Marketmen said trading sentiment turned weak as retail customers and jewellery fabricators postponed their buying decision on expectations of prices coming down further.
In Singapore, the metal lost 98 cents to $ 902.60 an ounce.
Standard gold and ornaments dipped by Rs 75 each at Rs 11,680 and Rs 11,530 per 10 grams respectively. However, sovereign managed to attracted some buying from retailers and gained Rs 50 at Rs 9,450 per piece of eight gram, the highest level never seen before.
Silver followed gold as silver ready declined by Rs 50 at Rs 20,750 per kilo and silver weekly-based delivery by Rs 250 to Rs 21,300 per kilo. Silver coins was traded unchanged at Rs 25,600 for buying and Rs 25,700 for selling of 100 coins.
Marketmen said trading sentiment turned weak as retail customers and jewellery fabricators postponed their buying decision on expectations of prices coming down further.
In Singapore, the metal lost 98 cents to $ 902.60 an ounce.
Standard gold and ornaments dipped by Rs 75 each at Rs 11,680 and Rs 11,530 per 10 grams respectively. However, sovereign managed to attracted some buying from retailers and gained Rs 50 at Rs 9,450 per piece of eight gram, the highest level never seen before.
Silver followed gold as silver ready declined by Rs 50 at Rs 20,750 per kilo and silver weekly-based delivery by Rs 250 to Rs 21,300 per kilo. Silver coins was traded unchanged at Rs 25,600 for buying and Rs 25,700 for selling of 100 coins.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
