The rupee today rose to 58.93 against dollar on
fresh dollar selling, it’s highest since 19th June, as banks and exporters, preferred
to reduce their dollar position, tracking a weakness in the US currency
overseas, amidst measures taken by Reserve Bank of India.
China’s manufacturing weakened further in
July, signaling that the worst of the slowdown has yet to be reached, increasing
concern that demand may slowdown. July was the third straight month with an
under 50 PMI reading, a benchmark that indicates that the sector is
contracting. The lower-than-expected PMI data prompted investors to sell rubber.
According to experts, China is likely to see a gradual decline in growth in
the range of 6.5- 7.5% in 2013, in that case there is a possibility that oil could
go down to around $75-80 per barrel.
On Wednesday, RSS4 grade rubber closed at `.195 a kg at Kottayam. Today, RSS3 grade closed at `.152.92 a kg at Bangkok, while Malaysian SMR20 closed
at `.133.87 a kg. On the Tokyo Commodity Exchange, July
futures series closed at ¥253, August at ¥251.2, September at ¥252.3, October
at ¥252.9, November at ¥254.1 and the contract for delivery in December closed
at ¥255.8 a kg. On National Multi Commodity Exchange, natural rubber futures
witnessing a negative trend and August futures were trading at `.191, September at `.180.30, October at `.170.99 and November at `.165.50 a kg, at 1.30
pm.
Tyre maker MRF Ltd. has posted a 57% rise in
the third quarter net profit at `.227 crore against `.144
crore in the previous corresponding quarter. Total income increased marginally
to `.3,051 crore against `.3,008 crore.
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