UPDATE FOR OCTOBER 1, 2008
Key benchmark indices are likely to extend gains for the second
straight day today, 1 October 2008 after a stupendous pullback o
n previous day on speculation the Senate will approve a $700
billion bank bailout package to unlock the credit markets and
bolster the global economy. The Singapore Nifty futures (SGX)
trading at over 50 points premium. Meanwhile, India's current
account deficit jumped to $10.72 billion in Q1 June 2008 as compared
to a deficit of $6.3 billion Q1 June 2007, as oil import bill has grown
faster than income from software services exports and remittances
from the Indian diaspora. The current account in the balance of payments
measures the net position of a country's exports and imports of goods
and services. The Indian rupee dropped to a fresh five-year low in early
trade today, 1 October 2008 on worries foreign investors would continue
to sell their local investments amid a spreading global financial crisis. The
partially convertible rupee was at 47.22/23 per dollar, its weakest
since 2 June 2003 and 0.55% lower from yesterday's close of 46.95/96.
Meanwhile, the Bombay Stock Exchange (BSE) will launch exchange-traded
rupee futures today, 1 October 2008. In August 2008, the National
Stock Exchange of India (NSE) kicked off exchange-traded currency
futures trading.