August 20, 2013
MUMBAI: After heavy battering, the rupee, stocks and bonds on Tuesday showed some signs of a fightback with RBI intervening in the market with massive selling of dollars as the domestic currency breached the 64-mark.
For the first time ever, the rupee slipped below the 100-mark against the British pound.
August 20, 2013
MUMBAI: After heavy battering, the rupee, stocks and bonds on Tuesday showed some signs of a fightback with RBI intervening in the market with massive selling of dollars as the domestic currency breached the 64-mark.
For the first time ever, the rupee slipped below the 100-mark against the British pound.
The rupee slipped to 64.13 against dollar in intra-day trading amid FIIs pulling debt market funds, before the RBI stepped in to help recover some lost ground. Rupee closed at 63.25, just 12 paise lower than yesterday.
In tune with rupee's recovery, stock markets also scripted a significant comeback with sensex ending 61 points lower after losing over 330 points at one point. Foreign Institutional Investors (FIIs) sold stocks worth Rs 1,424 crore from domestic stock markets, as per provisional data.
Similarly, the 10-year government security climbed to Rs 88.78 from Rs 86.87 previously, while its yield fell to 8.90 per cent from 9.23 per cent. Yesterday, the yield on the debt instrument touched a 5-year high of 9.25 per cent on fears of more liquidity tightening steps after rupee's free fall.
Finance minister P Chidambaram continued his consultations with top officials and advisors for the second day on Tuesday on the current situation.
However, both the precious metals — gold and silver — fell further in the national capital today on sustained selling by stockists at existing higher levels, amid a weak global trend.
While gold fell further by Rs 235 to Rs 31,125 per ten grams in continuation of slide of Rs 165 on Monday, silver by Rs 455 to Rs 50,155 per kg after losing Rs 75 in last trade.
Courtesy: PTI
