The rupee drop a 13-month low-lying against the dollar on Wednesday while benchmark security yields hit their largest amount in two weeks as the brewing financial crisis in Russia continued to raising concerns about foreign fund outflows. The rupee falls were seen as having sparked intercession from the central bank, traders said.
Overseas investors sold shares worth 12.47 billion rupees ($196.56 mln) on Tuesday, their huge daily net sales since Oct. 17, according to data from exchange NSE.
Meanwhile, they turned net sellers of debt for the first time in December on Monday, according to the enormous available data.
The partially changeable rupee was trading at 63.88/89 per dollar, after strike as weak as 63.89, its lowest level since Nov. 13, 2013. It had closed on Tuesday at 63.53/54.
The benchmark 10-year bond yield was at 8.00 per cent, after hitting as much as 8.01 percent, its huge level since Dec. 2. The yield is up 17 bps for the week.
UK accession falls sharply , Sterling hits 3-week low vs euro
Sterling hit a three-week low against the euro on Tuesday while gilt yields slipped, after data showed British accession fall to a 12-year low in November, leaving the Bank of England under no pressure to raise interest rates. Sterling was among the biggest winners against the dollar on Tuesday, hitting a three-week high in a day of turmoil when Russia's rouble plunged by as much as 25 per cent as oil prices slid below $59 perbarrel.The pound also got a hike when Bank of England Governor Mark Carney played down data showing UK accession fell to a 12-year low in November.
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