Indian rupee added gains early on Thursday, February 06, 2014


gsr-3546The Indian rupee added gains early on Thursday, February 06, 2014 alongside positive domestic and regional equities. The domestic currency opened stronger by 12 paise at Rs 62.45 against the US dollar and climbed further to a high of 62.39 before edging back to a low of 62.52 so far during the day. In the spot currency market, the Indian unit was last seen trading at 62.48, up 9 paise or 0.14% as compared to previous close at 62.57.

Rupee ended marginally lower on Wednesday as sentiment remained cautious with foreign funds continuing to be steady sellers of local debt ahead of key U.S. nonfarm payrolls data. The local unit rose the most in more than a week on speculation payments for a mobile-phone spectrum auction are boosting capital inflows. The government received bids totaling 446.1 billion rupees ($7.1 billion) on the first day of the sale that began Feb. 3, according to an official statement. Eight companies including Vodafone Group Plc are participating in the auction.

Domestic benchmark indices edged higher in early trade as firmness in Asian stocks boosted sentiment. Asian shares rose on Thursday as investors weighed data showing service-industries growth in the world’s biggest economy against a private jobs report that missed estimates. At the time of writing, the S&P BSE Sensex was up 77.59 points or 0.38% to 20,338.62 while the CNX Nifty was up 17.90 points or 0.3% to 6,040.30.

In the global currency market, the yen hovers near multi-month highs against the dollar and euro early on Thursday, highlighting a cautious mood among investors still fretting about the recent selloff in emerging markets. The outcome of the European Central Bank (ECB) policy review is due later on Thursday, followed by US jobs data on Friday.

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