Rupee Strengthens by 10 Paise after Expansion in Chinese Manufacturing Sector

first_imgCanadian dollar1.0722-0.0007-0.06 Australian dollar0.9417-0.0010-0.10 While in June 2014, China’s manufacturing sector expanded for the first time in six months. On Tuesday, the dollar-bloc currencies gained after news came on the growth in the Chinese manufacturing sector.”This month’s improvement is consistent with data suggesting that the authorities’ mini-stimulus is filtering through to the real economy,” telegraph.co.uk quoted Qu Hongbin, chief economist for China at HSBC, referring to a series of measures announced by the government.”We expect policymakers to continue their current path of accommodative policy stance until the recovery is sustained,” he added.However on Tuesday, Reserve Bank of India purchased 18 securities worth ₹171.31 billion for 8 percent during a one day repo auction in Mumbai.Moreover, RBI released timelines on Monday for regulatory approvals and said it will revert to the applicant if the deadline is likely to be exceeded. The reference rate for the US dollar and Euro was fixed at 60.1927 and 81.9065 on Monday, 23 June. Based on that, the exchange rate for one British pound and 100 Yen was fixed at 102.5623 and 59.05 respectively.Besides, BSE index opened higher at 25,115.83 points on Tuesday and Nifty too surged by 35.05 points at 7528.40 points during early trade on Tuesday. Nikkei and Hang Seng gained at 15,388.68 and 22,921.85 points respectively on Tuesday. The index of Nikkei and Hang Seng rose by 19.40 points and 117.04 points. Hong Kong dollar7.718+0.0007+0.01 China Renminbi6.2303+0.0046+0.07 SymbolValueChange% changecenter_img Japanese Yen101.9550+0.0390+0.04 Euro1.3601-0.0003-0.02 British Pound Sterling1.7028-0.0001-0.01 The Indian rupee strengthened by 10 paise at 60.10 per dollar versus Monday’s closing of 60.20 a dollar at the Interbank Foreign Exchange Market on Tuesday.The rupee is recorded holding in a 60 to 60.30 range during the session and a broad 59.50 to 60.50 range until the federal budget due on 10 July, according to Reuters.”The flight of capital to safe heavens continues with gold prices hitting recent highs. All equity and currency markets worldwide have been stuck in a very narrow range,” moneycontrol quoted Ashutosh Raina from HDFC Bank.”Expect the trend to continue till some solution to Iraq crisis is in sight. The 59.50-60.50/dollar range in USD/INR pair to continue,” he added.However, at 11:45 am, the Rupee recorded 60.12 per dollar and the price of other major currencies versus dollar is as below:SymbolSymbolValueValueChangeChange% change% changeSymbolEuroValue1.3601Change-0.0003% change-0.02SymbolJapanese YenValue101.9550Change+0.0390% change+0.04SymbolBritish Pound SterlingValue1.7028Change-0.0001% change-0.01SymbolCanadian dollarValue1.0722Change-0.0007% change-0.06SymbolHong Kong dollarValue7.718Change+0.0007% change+0.01SymbolChina RenminbiValue6.2303Change+0.0046% change+0.07SymbolAustralian dollarValue0.9417Change-0.0010% change-0.10last_img

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