Indian Rupee: Flat Start To New Year

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Currency notes4C--621x414The Indian rupee commenced the New Year almost flat on Wednesday, January 01, 2014 with the quantum of future stimulus tapering by the Federal Reserve and the general elections due by May to set direction further ahead. The domestic currency opened marginally down by 3 paise at Rs 61.83 against the US dollar and inched up to a high of 61.8250 before slipping back to a low of 61.9050 so far during the day. In the spot currency market, the Indian unit was last seen trading at 61.90, weaker by 10 paise or 0.16% as compared to previous close at 61.80.

Rupee ended with gains on Tuesday, but posted a 11 percent fall in 2013, ending a tough year marked by a descent to a record low and suffering from continued concerns about its outlook next year. Although the rupee closes well above a record low of 68.85 per dollar hit in late August, thanks in part to emergency measures taken by policy makers, the rupee still ends 2013 as Asia’s third worst performer and with a third consecutive annual decline.

A bout of volatility was witnessed as key benchmark indices gave away almost entire gains after a positive start. U.S. stocks closed 2013 by setting record highs and world equity markets ended at six-year peaks on Tuesday, while benchmark bond yields posted their first annual rise since 2009.

Foreign institutional investors (FIIs) bought Indian shares worth a net Rs 309.70 crore on Tuesday, 31 December 2013, as per provisional data from the stock exchanges. At the time of wrting, the S&P BSE Sensex was up 3.91 points or 0.02% to 21,174.59 while the CNX Nifty was up 7.15 points or 0.11% to 6,311.15.

Meanwhile, in global currency market, the euro was on track on Tuesday to be the world’s best-performing major currency this year, while the dollar looked set for its biggest annual gain against the yen since 1979.

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