Forex: The Indian rupee ended the week down by 12 paise at 45.32/33 against the greenback on the back of sluggish equities due to geo-political unrest amid increased capital outflows and month-end dollar demand from importers.
At the Interbank Foreign Exchange (Forex) market, the domestic unit opened the week nearly stable but immediately touched a 7-week high of 44.98 on the same day on rally in equities amid capital inflows.
However, selling in stocks from Tuesday due to unrest in Libya and spreading it to other oil-producing countries weighed on the rupee and it fell back to a low of 45.50 before recovering some ground to settle at 45.32/33, still showing a fall of twelve paise over its previous close of 45.20/21.
Last week, it had gained by 48 paise. The Indian benchmark sensex closed the week down by 510.61 points or 2.80 per cent.
Worsening Middle East situation and expectations of spreading to neighbouring countries as well as earthquake in New Zealand this week compelled dealers to buy dollars as a safe heaven rather than going for risky assets like stocks.
Spiralling global crude oil prices on geopolitical strain to over $100 a barrel in New York mainly forced importers, mainly oil refiners, to buy dollars for their month-end requirements, which weighed on the rupee.
Pramit Brahmbyhatt, CEO, Alpari Forex (India) said that the rupee-dollar movement in the week was greatly determined by the equity markets which was nervous before the Union Budget and the Middle-East crisis.
Range for the rupee-dollar will be seen somewhere close to last week and its further movement will be determine after the outcome of the budget and will be around 45.25-45.60 in the next week, he added.
Oils and oilseeds: Edible oil and non-edible oil prices dropped sharply for the second consecutive week at the oils and oilseeds market during the week under review.
Refined palmolein declined on lack of buying support from stockists and retailers amidst lower Malaysian advices. Groundnut oil eased in the absence of demand from retailers coupled with adequate stocks positions.
Linseed oil fell sharply on reduced demand from paint industry.
Castorseeds bold and castoroil commercial plunged on the back of heavy stockists selling amid lower enquiries from shippers and soap manufacturers.
Castorseeds futures markets also dropped due to reduced export enquiries.
In edible oil segment, refined palmolein resumed slightly higher at Rs 588, but later fell back to a low of Rs 569 before closing at Rs 577 from preceding weekend's level of Rs 587, showing a fall of Rs 10 per 10 kg.
Groundnut oil opened steady at Rs 755, but later moved down to settle at Rs 750 from last weekend's level of Rs 755, disclosing a modest loss of Rs 5 per 10 kg.
Turning to non-edible section, castorseeds bold opened lower at Rs 5,725, but later firmed up to a high of Rs 5,850 before drifting to close at Rs 5,575 over its weekend's level of Rs 5,750, showing a sharp loss of Rs 175 per 100 kg.
Castor oil commercial resumed lower at Rs 1,175, but later hardened to a high of Rs 1,200 before settling to a low of Rs 1,145 from last weekend's level of Rs 1,180, showing a steep fall of Rs 35 per 10 kg.
Linseed oil resumed steady at Rs 685, but later dipped to close at Rs 670 against last weekend's level of Rs 685, showing a loss of Rs 15 per 10 kg.
Moving to the futures section, castorseeds for March delivery resumed higher at Rs 5,225 and shot up to a high of Rs 5,460. However, later it closed down at a hefty loss of Rs 134 per tonne at Rs 5,061 from Rs 5,195, the last Saturday.
