India Saturday 8 August 2009 : The MCX-SX USDINR August Rupee futures opened on Friday at 47.82. The BSE Sensex opened at 15441, 73 points lower to its previous close. Lower Asian equity markets and two day
banking strike lead to rupee weakening.
Investors would be watching the U.S. non-farm payroll data and Jobs data due later in the evening for further direction. Nifty stocks futures traded in Singapore were down 0.9 % and the MSCI index of Asian stocks outside Japan was trading 1.1 per cent lower.
Global stocks dropped along with metals and oil as U.S. unemployment climbed to a 26-year high last month. The MSCI world Index of 23 developed nations slid 0.4 percent. Futures on the Standard & Poor’s 500 Index fell 0.4 percent.
Afternoon Trade: The MCX-SX August Rupee futures were trading at 47.87 by 3:10 pm where as the BSE Sensex was at 15161, 360 points down from its opening. Dollar Index has rebounded to 78. Investor confidence across Asia was subdued and Indian shares extended losses to 2 percent on Friday afternoon led by bank stocks, taking cues from Europe where banking shares were the biggest losers after RBS posted a first half loss.
Copper slipped for a second day on the London Metal Exchange, and oil was down 1.1 percent in New York. China’s Shanghai Composite Index slid 2.9 percent, driving the benchmark to its worst weekly loss. From the domestic front, worries regarding corporate earnings amid a deficient rainfall were the culprit for heavy losses in equity exchanges.
Closing Trade: The MCX-SX August Rupee futures were trading at 47.98 at 3:45 pm. The BSE Sensex crashed 353 points and closed at 15161. Active MCX-SX INR Aug’09 futures closed at 47.94. Immediate supports are now around 47.65/47.70 followed by 47.20/47.30. Immediate resistance falls around 48.35/48.45 followed by 48.65/48.75 levels.
The MCX-SX INR Aug’09 Rupee futures registered an open interest of 316256 for the session. It registered an increase in volume by 1.43 % over its earlier session.
MCX-SX Sep’09 Rupee futures closed towards 48.04.
INR SPOT: Immediate supports are at 47.40/47.50 followed by 47/47.10. Immediate resistance falls around 48.15/48.25 followed by 48.50/48.60 levels.
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