Indian Rupee: Trims Initial Gains 12-Feb-2014

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gsr-08The Indian rupee climbed at commencement on Wednesday, February 12, 2014 extending previous gains and tracking positive local equities. The domestic currency opened higher by 14 paise at Rs 62.08 against the US dollar and edged up to a high of 62.06 before sliding back to a low of 62.17 so far during the day. In the spot currency market, the Indian unit was last seen trading at 62.13, off early highs but up 9 paise or 0.14% as compared to previous close at 62.22.

Rupee strengthened on Tuesday in thin trade as dollar selling by some foreign banks and slightly better-than-hoped trade numbers aided sentiment. Trade deficit narrowed in January, helped by a 77 percent drop in imports of gold and silver while exports ticked up, improving the outlook for the country’s fragile current account balance.

Domestic benchmark indices extended gains and hit fresh intraday high in morning trade as firmness in Asian stocks boosted sentiment. Asian shares rallied for a fourth straight session on Wednesday, as upbeat trade data from China and an optimistic economic outlook from Federal Reserve Chair Janet Yellen whetted investors’ appetite for risk. At the time of writing, the S&P BSE Sensex was up 118.14 points or 0.58% to 20,481.51 while the CNX Nifty was up 34.50 points or 0.57% to 6,097.20.

Inflation based on the combined consumer price index (CPI) for urban and rural India is seen easing to 9.4% in January 2014 from 9.87% in December 2013, as per the median estimate of a poll of economists carried out by Capital Market. The government will unveil data on inflation based on the combined consumer price index (CPI) for urban and rural India for January 2014 at 17:30 IST today, 12 February 2014. Meanwhile, industrial output is expected to decline 1% in December 2013, as per the median estimate of a poll of economists carried out by Capital Market. India’s industrial production declined 2.1% in November 2013, recording decline for second consecutive month after 1.6% dip in October 2013. The data will be announced today, 12 February 2014.

In the global currency market, the dollar held off a two-week low against a basket of major currencies early on Wednesday, having rebounded after Federal Reserve Chief Janet Yellen offered no surprises on policy in her inaugural congressional testimony.

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