Currency & Comex Jobbing Range

The Indian rupee climbed higher on Thursday, 22 May, 2014 for the first time in three days on the back of gains in the Asian currency market. 

The domestic currency opened up by 11 paise at Rs 58.67 and dipped to a low of 58.69 before bouncing back to a high of 58.55 so far during the day. In the spot currency market, the Indian unit was last seen trading at 58.64, stronger by 15 paise or 0.25% as compared to previous close at 58.78.

Rupee weakened for a second consecutive session on Wednesday, weighed down by large demand for dollars from importers and after foreign investors turned sellers of domestic shares for the first time in about a month.


Domestic benchmark indices trimmed initial gains triggered by positive Asian stocks. Asian stocks edged higher on Thursday after Federal Reserve meeting minutes showed policy makers see a muted risk of inflation from continued US stimulus and a China manufacturing gauge rose to a five-month high in May.

Foreign institutional investors (FIIs) sold Indian shares worth a net Rs 266.22 crore on Wednesday, 21 May 2014, as per provisional data from the stock exchanges. At the time of writing, the S&P BSE Sensex was up 70.60 points or 0.29% to 24,368.62 while the CNX Nifty was up 14.15 points or 0.2% to 7,267.05.

In the global currency market, the yen was on the defensive in early Asian trade on Thursday, having retreated from multi-month highs against the euro and dollar as an improvement in risk appetite dampened demand for the safe haven currency.

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