Thursday, October 10, 2013

Steady day expected

Indian rupee bounced back and closes at an almost two month high of 61.39 against the dollar amid sales of the US currency. According to a survey by industry body Ficci, it has lowered the country's economic growth forecast for 2013-14 to 5% from 6% projected in July, indicating tough times ahead. The GDP growth forecast for 2013-14 stands at 5%. The survey further revealed that expectations with regard to performance of the industrial sector have also taken a hit. The Index of Industrial Production (IIP) is expected to grow by 1.7% in 2013-14, which is half the 3.5%t growth that was projected in the previous round of the survey held in July 2013.

On Friday, National Multi Commodity Exchange October futures were trading at `.165.50 a kg, November at `.167, December at `.168.89 and January 2014 at `.170.60 a kg, at 11.05 am IST. While Tokyo Commodity Exchange, October futures series were trading at ¥253 a kg, November at ¥254.3, December at ¥257.4, January 2014 at ¥260.5, February at ¥263.6 and the contract for delivery in March 2014 at ¥266 a kg. at 11.45 JST.

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