The Reserve Bank of India (RBI) is scheduled
to announce third quarter review of monetary policy on 28th January and is
likely to maintain status quo in its monetary policy. RBI may retain the repo
rate in this review even though inflation eased in December. After hiking
policy rate in two consecutive policies, RBI kept key policy rates
unchanged on 18th December review on expectations that wholesale and retail
inflation would ease.
The Rupee, which fell sharply against the
dollar on 24th January, is expected to continue its weak run next week due to
the month end dollar demand, especially from oil marketing companies, coupled
with global economic uncertainties.
Global markets are facing pressure from
excess supply and low demand, due to which domestic rubber futures are also moving
in tandem with the international market. Duty free imports of rubber under the
advance licence scheme may continue to put pressure on domestic prices. On Friday,
the benchmark RSS4 grade rubber closed at `.150.50 a kg at
Kottayam. RSS3 grade closed at `.142.89 a kg at
Bangkok and Malaysian SMR20 closed at `.132.47 a kg. Tokyo
Commodity Exchange, January 2014 futures series closed at ¥248 a kg, February
at ¥243.4, March at ¥237.6, April at ¥238.1, May at ¥240 and the contract for
delivery in June 2014 closed at ¥241.5 a kg. While National Multi Commodity
Exchange February 2014 futures closed at `.148.20 a kg, March
at `.150.51, April at `.154.02 and May at `.156.50
a kg, on Saturday.
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