Currency & Comex Jobbing Range

The Indian Rupee is trading on a flat note today though gains in the local stocks supported the local currency. The US dollar is quoting with modest gains in the global markets following the strong economic data yesterday. The Rupee had hit a one month high earlier in the week, testing around 61.30 per US dollar but has eased thereafter and currently quotes at 61.58 per US dollar.

Local stocks surged today amid positive overnight cues from the US indices. The barometer index, the S&P BSE Sensex, was up nearly 200 points to break above 21200 mark. The market breadth, indicating the overall health of the market, was strong. Except BSE FMCG index all the other sectoral indices on BSE were in the green.

Metal stocks edged higher on hopes demand for metal would pick up after the World Bank raised its global growth forecasts. Tata Steel rose after the company announced that it opened the UK`s largest profiling centre for steel plate in the West Midlands, increasing its plate processing capacity in the region by up to 50%. Capital goods stocks gained on renewed buying.

The US Commerce Department said on Tuesday that retail sales gained 0.2% last month. For all of 2013, sales increased 4.2%. Sales excluding automobiles, gasoline, building materials and food services, increased 0.7% after a 0.2% rise in November. This boosted the US stocks as DOW added 100 points and also supported the US currency. The dollar gained from a near two week low of 1.3700 against the Euro.

Source : Capital Market

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