Wednesday, September 18, 2013

Expecting more action

The rupee slumped to a record low of 68.85 to the dollar on August 28 but has since clawed back some ground and last traded at 63.22 on Wednesday. Rupee is expected to regain further ground at the close of the current financial year at 56-58 per dollar. India's headline inflation rate based on the wholesale price index soared to a six month high of 6.1% in August. The Reserve Bank of India is expected to leave key policy rates unchanged on Friday.

Today, at Kottayam, RSS4 grade closed at `.186.50 a kg. RSS3 grade closed at `.165.24 a kg at Bangkok, while Malaysian SMR20 closed at `.150.96 a kg. On the Tokyo Commodity Exchange, September futures series closed at ¥260.9 a kg, October at ¥265.4, November at ¥267.1, December at ¥270.1, January 2014 at ¥274 and the contract for delivery in February 2014 closed at ¥277.8 a kg. While on the National Multi Commodity Exchange October futures closed at `.183.34 a kg, November at `.182.85 and December at `.185 a kg. Tommorrow one can expect the market in red.

Read lot more in Rubber4U – 1st October 2013 issue

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