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.

What our readers say: http://rubber4u.com/Public/Views.pdf