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FW: Indian Rupee History
Indian Rupee History
The central bank in India is called the Reserve Bank of India. The INR is a managed float, allowing the market to determine the exchange rate. As such, intervention is used only to maintain low volatility in exchange rates.
Early Coinage of India
India was one of the first issuers of coins, circa 6th Century BC, with the first documented coins being called 'punch-marked' coins because of the way they were manufactured. India's coinage designs frequently changed over the next few centuries as various empires rose and fell. By the 12th century a new currency referred to as Tanka was introduced. During the Mughal period, a unified monetary system was established and the silver Rupayya or Rupee was introduced. The states of pre-colonial India minted their coins with a similar design to the silver Rupee with variations depending on their region of origin.
Currency in British India
In 1825, British India adopted a silver standard system based on the Rupee and was used until the late 20th century. Although India was a colony of Britain, it never adopted the Pound Sterling. In 1866, financial establishments collapsed and control of paper money was shifted to the British government, with the presidency banks being dismantled a year later. That same year, the Victoria Portrait series of notes was issued in honor of Queen Victoria, and remained in use for approximately 50 years.
The Modern Day Indian Rupee
After gaining its independence in 1947 and becoming a republic in 1950, India's modern Rupee (INR) was changed back to the design of the signature coin. The Indian Rupee was adopted as the country's sole currency, and the use of other domestic coinage was removed from circulation. India adopted a decimalization system in 1957.
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Share Market Outlook for the week - 08.12.2014 to 12.12.2014
From: Rupeedesk Advisory [mailto:kkrvin@hotmail.com]
Sent: 08 December 2014 11:01
To: bestcurrencycalls (vinforexindia.bccrdesk@blogger.com); bestcurrencytips (vinforexindia.bctrdesk@blogger.com); currencymargin (vinforexindia.cmrdesk@blogger.com); currencypipsandtips (rupeedesk.cpatrdesk@blogger.com); currencyresearch (vinforexindia.crrdesk@blogger.com); currencytechnicals (vinforexindia.ctrdesk@blogger.com); currencytipscoin (kences1.ctcirdesk@blogger.com); currencytipsindia (kences1.ctirdesk@blogger.com); currencytradingcalls (vinforexindia.ctcrdesk@blogger.com); etffunds (vinforexindia.efrdesk@blogger.com); eurinrtips (rupeedesk.etrdesk@blogger.com); forextradingcalls (vinforexindia.ftcrdesk@blogger.com); freecurrencytips (vinforexindia.fctrdesk@blogger.com); freensecurrencytips (intradaydesk.fnctrdesk@blogger.com); freeusdinr (rupeedesk.furdesk@blogger.com); freeusdinrtips (intradaydesk.futrdesk@blogger.com)
Subject: Share Market Outlook for the week - 08.12.2014 to 12.12.2014
Indian Markets Outlook for the week – 08.12.2014 to 12.12.2014
Cement Stocks Outlook for the week – 08 to 12.12.2014
Capital Goods Stocks Outlook for the week – 08 to 12.12.2014
Metal Stocks Outlook for the week – 08 to 12.12.2014
Oil Stocks Outlook for the week – 08 to 12.12.2014
Pharma Stocks Outlook for the week – 08 to 12.12.2014
Telecom Stocks Outlook for the week – 08 to 12.12.2014
FMCG Stocks Outlook for the week – 08 to 12.12.2014
Bank Stocks Outlook for the week – 08 to 12.12.2014
Auto Stocks Outlook for the Week – 08 to 12.12.2014
HOW Rs.10,000 BECAME Rs.500 CRORES - Rupeedesk
HOW Rs.10,000 BECAME Rs.500 CRORES
Mohammed Anwar Ahmed, 60, resides in the sleepy town of Amalner in district Jalgaon, Maharashtra. His father owned a large farmland in the 1970's. The father's untimely death in 1980 left the four sons to lead different paths in their lives. They sold the land and divided the proceeds of Rs.80,000 equally among themselves. Mohammed, the youngest of the four, then aged 27, was married for two years and had a year old son. On parting with his brothers, he was at crossroads and did not know the path he should choose for himself as all his working life he had worked on the fields. His one brother left Amalner while the two started their own shops.
WHAT'S SO SPECIAL ABOUT AMALNER?
In 1947, Chairman of WIPRO Ltd. and philanthropist Azim Premji's father Mohammad Hussain Hasham Premji set up the company's first plant here to manufacturer vegetable ghee, vanaspati and refined oils. It was then called Western India Vegetable Products Ltd. and had got listed on the stock exchange in 1946. Over the years many residents of Amalner worked at the plant and several residents were shareholders of the company. In 1966, Mr.Azim Premji became Chairman of the company.
A CHANCE MEETING
As Mohammed Anwar Ahmed sat near a tea shop in Amalner, a young stock broker from Bombay (now Mumbai) named SatishShah stopped to ask a question. This meeting would change the life of Mohammed Anwar Ahmed. Satish Shah had come toAmalner to buy as many shares as he could on behalf of some clients in Bombay. The question that Satish Shah asked was : “Do you know anyone here who owns shares in that factory?” pointing to the WIPRO plant. Mohammed replied that the owners of the factory stays in Bombay. In short 15 minutes, Satish explained to Mohammed, how owning a share could make one a part owner in the company. This made Mohammed inquisitive and the meeting lasted for 30 more minutes. Mohammed helped Satish Shah go door to door to collect shares from willing sellers (in very small towns nearly everyone knows each other) and for himself bought 100 shares of Rs.100 face value, thus investing Rs.10,000 from the total of Rs.20,000 that he had. The rest, he invested in starting a trading business.
THE JOURNEY TO WEALTH
From then on Mohammed started to think himself as part owner of WIPRO (and rightly so) and vowed never to sell a single share till Mr. Azim Premji is at the helm. Here is how his initial investment of Rs.10,000 grew to over Rs.500 crores.
He had invested in 100 shares at face value of Rs.100 in 1980. The initial investment was Rs.10,000.
In 1981, the company declared a 1:1 bonus. He now had 200 shares.
In 1985, the company declared 1:1 bonus. He therefore had 400 shares.
In 1986, the company split the share to Rs.10. He thus had 4000 shares.
In 1987, the company declared 1:1 bonus. He hence had 8000 shares.
In 1989, the company announced a 1:1 bonus. Now he had 16,000 shares.
In 1992, the company declared a 1:1 bonus. By now he had 32,000 shares.
In 1995, the company declared a 1:1 bonus. He then had 64,000 shares.
In 1997, the company declared 2:1 bonus. He now held 1,92,000 shares.
In 1999, the company split the share to Rs.2. He now had 9,60,000 shares.
In 2004, the company declared 2:1 bonus. He thus had 28,80,000 shares.
In 2005, the company declared 1:1 bonus. He came to have 57,60,000 shares.
In 2010, the company declared 2:3 bonus. He now had 96,00,000 shares.
The current market price is Rs.500 per share. The shares are valued at Rs.480 crores.
Over the past 33 years, the company regularly paid out dividends and increased them almost every year. Cumulatively he received Rs.118 crores as dividend over the past 33 years. Thus by investing Rs.10,000, Mohammed gained Rs.598 crores.
He is now retired and donates freely to charity from the dividends he receives. His foreign educated children often advice him to sell the shares but he has kept his vow of not selling a single share till Mr.Azim Premji is the working Chairman.
This is a lesson - both in patience and conviction.
Free Currency Tips : Indian rupee ends higher after RBI policy review 02.12.2014
Indian rupee ends higher after RBI policy review
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* Rupee ends at 61.88/89 per dlr vs 62.02/03 on Monday
* Sentiment aided by dovish cbank policy review
* Rise in Asia FX also helps
The Indian rupee rose on Tuesday after the central bank kept interest rates unchanged but signalled it could ease monetary policy by early next year, raising optimism about accelerating economic growth.
The Reserve Bank of India said it could cut interest rates "early next year" provided inflationary pressures do not re-appear and the government controls the fiscal deficit.
The rupee also benefited from stronger emerging Asian currencies on the back of dollar volatility and a rebound in crude oil prices from five-year lows.
Our Analysts said the rupee would likely remain under pressure given the broader strength in the dollar, although losses could be capped by domestic factors.
"The rupee would remain under pressure in the near term on global factors"But a largish depreciation is unlikely because of continuous fund flows, moderation in inflation - and now a good chance of early rate cuts from RBI."
The partially convertible rupee closed at 61.88/89 per dollar compared with 62.02/03 on Monday. It hit a low of 62.25 on Monday, its weakest since Feb. 20.
Hopes the RBI would cut interest rates by early next year supported the rupee by raising confidence about the domestic economy. Still, Indian shares fell on a bout of profit booking, limiting any further gains in the rupee.
In the offshore non-deliverable forwards market, the one-month contract was at 62.14/24, while the three-month was at 62.65/75.
FACTORS TO WATCH FOR 03.12.2014
* U.S. dollar rises vs basket of major currencies
* South Korea's won led gains in emerging Asian majors
* Investors await ECB, Friday's payrolls data
* Foreign institutional investor flows
* For data on currency futures
Free Currency Tips : Indian FX/debt factors to watch - Dec 1
Indian FX/debt factors to watch - Dec 1
Mon Dec 1, 2014 8:42am IST
GLOBAL MARKETS ROUNDUP
* Gold prices tumbled on Monday after Swiss voters
overwhelmingly rejected proposals to boost gold reserves in a
referendum, joining the broad rout in commodities that sent oil
prices to five-year lows and copper to four-year lows.
* The dollar rose to a new seven-year high against the yen
on Monday amid growing concerns over deflationary pressure in
Japan in the face of sliding oil prices.
* U.S. crude fell more than $2 to a five-year low in Asian
trade on Monday, while Brent futures touched a fresh four-year
low, extending a steep sell-off after OPEC decided not to cut
production last week, keeping markets well supplied.
* U.S. benchmark and long-dated Treasury yields fell for a
sixth straight session and notched their second straight monthly
declines on Friday on signs of disinflation and month-end
buying.
LOCAL MARKETS PREVIOUS CLOSE
* BSE index 28,693.99 (up 0.90 pct)
* NSE index 8,588.25 (up 1.11 pct)
* Rupee 62.0250/0350 per dlr (61.8750/8850)
* 10-year bond yield 8.09 pct (8.15 pct)
* 5-year OIS rate 7.14 pct (7.23 pct)
* 1-year OIS rate 7.75 pct (7.82 pct)
* Call money 7.85/7.90 pct (7.70/7.75 pct)
KEY FACTORS/EVENTS TO WATCH
* Pre RBI policy meeting between finance minister and RBI
Governor.
USD/INR NDFs (NY closing prices)
For up-to-date prices, double click
Open High Low Close Volume
62.29 62.53 62.30 62.50-53 N/A
FII INVESTMENTS-EQUITIES (Net dollars)
Nov 28* $150.82 mln
Month-to-date** (Nov) $2.23 bln
Year-to-date** $15.93 bln
* Provisional NSE data
** Source: Data as per the latest custodial filing as on
Nov. 28 on NSDL's website.
FII INVESTMENTS-DEBT (Net Dollars) Debt
Nov. 27 $123.65 mln
Month-to-date (Nov) $1.90 bln
Year-to-date $24.44 bln
* Source: Data as per latest custodial filing as on Nov. 28
on NSDL's website.
GOVERNMENT SECURITIES TRADING (Net buy/sell, in rupees)
Nov 28
Foreign Banks 12.57 bln
Public Sector Banks 4.82 bln
Private Sector Banks 15.06 bln
Mutual Funds -13.34 bln
Others -0.96 bln
Primary Dealers -18.15 bln
ISSUANCES
Treasury bills 140 bln rupees Dec. 3
LIQUIDITY
* The Reserve Bank of India India cbank sets cut-off rate of
7.99 percent at three-day variable rate reverse repo
auction
* Indian banks' refinancing with RBI falls to 69.42 billion
rupees.
* Indian banks' cash balances with RBI at 3.36 trillion
rupees.
($1 = 62.0500 Indian rupee)
India rupee inches higher; month-end dlr demand offsets inflows : 26.11.2014
India rupee inches higher; month-end dlr demand offsets inflows
FACTORS TO WATCH
* Australian dlr slides to 4-yr low against greenback
* Oil slump reverberates after Nigeria currency devaluation
* ECB outlook lifts Europe shrs, Australian dlr sags
* Foreign institutional investor flows
* For data on currency futures
* Rupee ends at 61.8450/8550 per dlr vs 61.86/87 on Tuesday
* INR seen in 61.70 to 62.10 range until end of week -trader
* Rate cut by India cbank may boost foreign fund flows, rupee
The Indian rupee closed marginally stronger on Wednesday after being held in a tight range as dollar inflows into the domestic share markets were offset by demand for the greenback from importers looking to meet month-end commitments.
Sentiment was also cautious ahead of the release of July-September economic growth data on Friday and the Reserve Bank of India's monetary policy review on December 2.India economic growth probably slowed to 5.1 percent in the July-September quarter from a year ago, but economists polled by Reuters doubted whether that would be enough to persuade the central bank to cut interest rates just yet. "We are likely to see the rupee in a 61.70 to 62.10 range this week as rising dollar demand towards month-end may hurt the rupee," "Rupee resistance has now gradually shifted to 61.50 from 60.00 earlier as we see good dollar buying from exporters and the RBI at that level. We are likely to see the rupee remaining broadly stable between 61.50 to 62.50 until year-end," he added. The partially convertible rupee closed at 61.8450/8550 per dollar versus Tuesday's close of 61.86/87. Moves in the domestic share market will also be crucial for cues on foreign fund flows. Shares gained for a fourth session in five, led by blue chips on hopes the central bank would cut its key policy rate. In the offshore non-deliverable forwards market, the one-month contract was at 62.20 while the three-month was at 62.73.
India rupee gains on corporate, custodian bank dlr sales
FACTORS TO WATCH
* Yen gains as some BoJ policymakers fret about QE costs
* Solid yen, yuan rebound aids Asia FX; won firmer
* Asian shares slip, oil falls ahead of OPEC
* Foreign institutional investor flows
* For data on currency futures
* Rupee ends at 61.86/87 per dlr vs 61.9350/9450 on Mon
* Gains in other Asian currencies aid sentiment for the rupee
* INR seen staying volatile until policy - trader
The Indian rupee gained on Tuesday after a volatile trading session as dollar selling by custodian banks and a large corporate helped offset importer demand for the greenback.
Traders said gains were also helped by higher Asian currencies on the back of strength in the Japanese yen and a rebound in the Chinese yuan. But sentiment is expected to turn
more cautious ahead of the upcoming July-September economic growth data on Friday and the Reserve Bank of India's monetary policy review on Dec. 2. India's economic growth
probably slowed to around 5 percent in the three months to September, slipping from 5.7 percent in the previous quarter, two senior finance ministry sources told Reuters,
putting pressure on the central bank to cut interest rates.
"There was good dollar buying interest seen from importers but good flows with custodian banks helped. We could see this seesaw in the rupee continue until the policy,"
said Vikas Babu Chittiprolu, a senior foreign exchange dealer with Andhra Bank.
The partially convertible rupee closed at 61.86/87 per dollar versus Monday's close of 61.9350/9450. Traders are broadly expecting the rupee to hold in a 61.50 to 62.50 range
until the RBI policy next Tuesday, with most expecting no change in interest rates but only a more dovish policy tone from the RBI. However, gains in the rupee were capped as
shares fell, retreating from a record high hit earlier in the session as financial firms slumped on worries parliament would delay an insurance bill, while new rules for offshore
derivatives raised worries over foreign flows. In the offshore non-deliverable forwards, the one-month contract was at 62.16 while the three-month was at 62.27.
India rupee weakens as state-run banks buy dlrs; euro fall weighs
* Rupee ends at 61.9350/9450 per dollar vs 61.7625/7725 on Friday
* Heavy dollar demand from state-run banks hurts rupee
* INR may soon move towards 62.50 levels
The Indian rupee weakened on Monday on sustained buying of dollars by state-run banks and importers even as most other Asian currencies rallied on hopes of more foreign flows after monetary stimulus measures in China and Europe.
The sharp fall in the euro following the stimulus talks however weighed on rupee sentiment.Traders expect currency markets to remain cautious ahead of the Reserve Bank of India's policy review on Dec. 2. The central bank is expected to adopt a more dovish tone but is seen as unlikely to cut interest rates until February..India is also due to report July-September economic growth data on Friday, adding to the caution.."There was very good demand for dollars from state-run banks which hurt the rupee today," said Hari Chandramgethen, head of foreign exchange trading at South Indian Bank, predicting a range of 61.50 to 62.50 for the rest of the week.
The partially convertible rupee closed at 61.9350/9450 per dollar compared to 61.7625/7725 on Friday..The fall came even as domestic shares hit a record high after China unexpectedly cut rates and as prospects of further stimulus in China and Europe whetted risk appetite globally.Prospect of further reforms at the start of the winter session of parliament on Monday could also prevent much further depreciation in the rupee, traders said, especially as the RBI is seen intervening to keep the rupee from dipping too much below 62 per dollar..In the offshore non-deliverable forwards, the one-month contract was at 62.20 while the three-month was at 62.74.
FACTORS TO WATCH
* Euro near 2-yr low as investors bet on more ECB easing
* China easing puts emerging stocks in buoyant mood
* Stocks grind higher after cbank stimulus signal
* Foreign institutional investor flows
* For data on currency futures
INDIAN CURRENCY INTRADAY SUPPORT RESISTANCE LEVELS: 25.Nov.2014
USDINR ( 26-Nov-14 ) Enters in to Buy Zone and it is showing Strength. It is expected to test Resistance levels 62.06 / 62.18 / 62.38 . And the lower side , it has Strong Support @ 61.86 downside, it may tank to near support Levels such as 61.75 / 61.55 / 61.43 . Currently USDINR is Trading @ 61.95
EURINR ( 26-Nov-14 ) Enters in to Buy Zone and it is showing Strength. It is expected to test Resistance levels 77.07 / 77.23 / 77.53 . And the lower side , it has Strong Support @ 76.76 downside, it may tank to near support Levels such as 76.60 / 76.30 / 76.13 . Currently EURINR is Trading @ 76.90
GBPINR ( 26-Nov-14 ) Enters in to Buy Zone and it is showing Strength. It is expected to test Resistance levels 97.27 / 97.50 / 97.86 . And the lower side , it has Strong Support @ 96.91 downside, it may tank to near support Levels such as 96.69 / 96.33 / 96.11 . Currently GBPINR is Trading @ 97.05
JPYINR ( 26-Nov-14 ) Enters in to Sell Zone and it is showing weakness. It is expected to test near Support levels 52.33 / 52.23 / 52.15 . And the upperside, it has Strong Resistance @ 52.41 upperside, it may test Resistance Levels such as 52.52 / 52.60 / 52.70 . Currently JPYINR is Trading @ 52.44
Live Currency News - 13.Nov.2014
GLOBAL MARKETS ROUNDUP
* Asian shares mostly steadied on Thursday as investors
awaited a flurry of Chinese economic indicators later in the
day, but energy stocks slumped after oil prices fell to
four-year lows.
* The dollar took time out from its rally against the yen
and euro early on Thursday as traders awaited a batch of Chinese
and U.S. data, while the British pound languished at 14-month
lows versus its U.S. peer after dovish messages from the Bank of
England.
* Benchmark Brent crude fell below $80 a barrel on Wednesday
for the first time since 2010 on technical selling, pressure
from a strong dollar and after Saudi Arabia's oil minister
refused to say if the kingdom will support calls from some OPEC
members to cut crude output.
* U.S. Treasuries prices traded mostly flat on Wednesday,
erasing early gains, after the bond market absorbed $24 billion
in new supply of benchmark U.S. government debt.
LOCAL MARKETS PREVIOUS CLOSE
* BSE index 28,008.90 (up 0.35 pct)
* NSE index 8,383.30 (up 0.25 pct)
* Rupee 61.4925/5000 per dlr (61.55/56)
* 10-year bond yield 8.16 pct (8.19 pct)
* 5-year OIS rate 7.40 pct (7.41 pct)
* 1-year OIS rate 7.99 pct (8.01 pct)
* Call money 7.40/7.50 pct (8.80/8.90 pct)
KEY FACTORS TO WATCH
* India trade data to be released by Nov. 14, there is no
fixed date for the release of the data.
* India central bank chief Raghuram Rajan to talk at a
microfinance event at 10 a.m.
OVERNIGHT NEWS
* India's economic outlook brightened on Wednesday with a
surprise pickup in industrial output and further cooling in
consumer prices, data showed, boosting Prime Minister Narendra
Modi's bid to end the longest slowdown in growth in decades.
KEY DEALS
* Indian generic drugmaker Aurobindo Pharma Ltd
said its U.S. unit won a bankruptcy auction to buy nutritional
supplements maker Natrol Inc for $132.5 million.
USD/INR NDFs (NY closing prices)
For up-to-date prices, double click PNDF
Open High Low Close Volume
61.79 61.75 61.66 61.68-69 N/A
FII INVESTMENTS-EQUITIES (Net dollars)
Nov 12* $74.80 mln
Month-to-date** $1.36 bln
Year-to-date** $15.06 bln
* Provisional NSE data
** Source: Data as per the latest custodial filing as on
Nov. 12 on NSDL's website.
FII INVESTMENTS-DEBT (Net Dollars) Debt
Nov. 11 $225.35 mln
Month-to-date $597.30 mln
Year-to-date $23.14 bln
* Source: Data as per latest custodial filing as on Nov 12
on NSDL's website.
GOVERNMENT SECURITIES TRADING (Net buy/sell, in rupees)
Nov 12
Foreign Banks 28.90 bln
Public Sector Banks -50.99 bln
Private Sector Banks 0.92 bln
Mutual Funds 95.28 bln
Others -5.14 bln
Primary Dealers 16.79 bln
LIQUIDITY
* The Reserve Bank of India said on Wednesday it accepted
all 43 bids for 178.49 billion rupees ($2.90 billion) at its
one-day repo auction, through which it injects liquidity into
the banking system.
* Indian banks' refinancing with RBI rises to 93.70 billion
rupees.
* Indian banks' cash balances with RBI rise to 3.55 trillion
rupees.
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