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    INR   AU0000028946

IONEER LTD

(INR)
  Report
Delayed Australian Stock Exchange  -  01:10 2022-10-04 am EDT
0.6200 AUD   +2.48%
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Indian rupee sees biggest single-day gain in nearly a year

07/29/2022 | 07:41am EDT
FILE PHOTO: Illustration photo of an India Rupee note

MUMBAI (Reuters) - The Indian rupee posted its biggest single-day gain in nearly a year on Friday, aided by a sharp reversal in the dollar, while bond yields touched their lowest in 2-1/2 months tracking falls in their U.S. counterparts.

U.S. Treasury yields fell overnight after data showed the economy contracted again in the second quarter, suggesting that the Fed may not need to be so aggressive with rate hikes to cool inflation. [US/]

The partially convertible rupee ended trading at 79.25 against the dollar, 0.6% stronger than Thursday's close of 79.7550 and its best single-day performance since Aug. 27 last year.

It touched a session high of 79.17, its strongest since July 7.

"The recent correction lower in commodity prices is providing some respite to the INR, albeit likely only temporarily," Kunal Kundu, India economist at Societe Generale wrote in a note published Thursday.

"Growing market conviction that a U.S. recession is on the way and consequent safe-haven demand for the dollar are key near-term risks for rupee. The RBI's FX interventions should continue to limit rupee volatility," he added.

India's central bank has zero tolerance for volatile movements in the rupee and will continue to engage with the foreign exchange market to ensure the rupee finds its appropriate level, its chief Shaktikanta Das said last week.

The dollar languished near a six-week low against the yen amid a sharp retreat in Treasury yields. Almost all Asian currencies rallied against the greenback. [USD/] [EMRG/FRX]

The benchmark 10-year bond yield ended trading at 7.3196%, after falling to 7.2527% earlier, its lowest since May 12. It had ended at 7.3316% on Thursday.

India's stock markets and ended up 1.35% and 1.25%, respectively. [.BO]

Foreign fund flows will be a crucial factor determining the rupee's fortunes in the coming months. Foreign investors have been net sellers of Indian stocks worth more than $30 billion so far in 2022.

Traders will now shift their focus to the Reserve Bank of India's monetary policy review next week.

"With the Fed having stuck to a 75 bps hike and concerns of a global recession still looming, the RBI may announce a modest 25-35 bps increase in the repo rate next week," a senior trader at a private bank said.

"We will see the 10-year move in a 7.20% to 7.35% range until (then)," he added.

Barclays said they expect the RBI's monetary policy committee to vote unanimously for a 35 bps rate hike next week.

"While inflation is likely to remain elevated in the near term, we think the MPC may acknowledge that price pressures have peaked, and note the favourable tailwinds by reducing its inflation forecasts, albeit marginally," they added.

India's retail inflation remained painfully above the 7% mark and beyond the central bank's tolerance band for the sixth month in a row in June, but has shown an easing bias over recent months.

(Editing by Kim Coghill and Uttaresh.V)

By Swati Bhat


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / INDIAN RUPEE (AUD/INR) -0.54% 52.712789 Delayed Quote.-3.27%
AUSTRALIAN DOLLAR / JAPANESE YEN (AUD/JPY) -0.67% 93.344 Delayed Quote.11.24%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) -0.43% 0.64723 Delayed Quote.-11.58%
BARCLAYS PLC 3.90% 150.74 Delayed Quote.-22.42%
BRITISH POUND / JAPANESE YEN (GBP/JPY) 0.86% 165.22 Delayed Quote.3.53%
BRITISH POUND / US DOLLAR (GBP/USD) 1.11% 1.14561 Delayed Quote.-17.70%
CANADIAN DOLLAR / INDIAN RUPEE (CAD/INR) 0.52% 60.052 Delayed Quote.0.06%
CANADIAN DOLLAR / JAPANESE YEN (CAD/JPY) 0.26% 106.367 Delayed Quote.15.35%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.51% 0.73756 Delayed Quote.-8.29%
EURO (B) VS INDIAN RUPEE SPOT (EUR/INR) 1.33% 81.2072 Delayed Quote.-5.50%
EURO / JAPANESE YEN (EUR/JPY) 1.16% 143.71 Delayed Quote.8.37%
EURO / US DOLLAR (EUR/USD) 1.40% 0.99664 Delayed Quote.-13.52%
INDIAN RUPEE / JAPANESE YEN (INR/JPY) -0.16% 1.771228 Delayed Quote.14.82%
INDIAN RUPEE / US DOLLAR (INR/USD) 0.09% 0.012283 Delayed Quote.-8.63%
IONEER LTD 2.48% 0.62 Delayed Quote.-24.38%
JAPANESE YEN / SWISS FRANC (JPY/CHF) -1.22% 0.6795 Delayed Quote.-14.11%
NEW ZEALAND DOLLAR / JAPANESE YEN (NZD/JPY) -0.21% 82.48 Delayed Quote.3.36%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.04% 0.57187 Delayed Quote.-17.80%
NIFTY 50 2.29% 17274.3 Delayed Quote.-2.69%
NIFTY 500 2.24% 14965.8 Delayed Quote.-2.39%
US DOLLAR / INDIAN RUPEE (USD/INR) -0.09% 81.416 Delayed Quote.9.45%
US DOLLAR / JAPANESE YEN (USD/JPY) -0.24% 144.22 Delayed Quote.25.84%
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Financials
Sales 2023 - - -
Net income 2023 -12,5 M -8,11 M -8,11 M
Net cash 2023 347 M 226 M 226 M
P/E ratio 2023 -103x
Yield 2023 -
Capitalization 1 301 M 847 M 847 M
EV / Sales 2023 -
EV / Sales 2024 -
Nbr of Employees 1
Free-Float 64,7%
Chart IONEER LTD
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ioneer Ltd Technical Analysis Chart | MarketScreener
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Technical analysis trends IONEER LTD
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 4
Last Close Price 0,62 AUD
Average target price 0,78 AUD
Spread / Average Target 25,4%
EPS Revisions
Managers and Directors
Bernard Anthony Rowe Chief Executive Officer, MD & Director
Ian Wentworth Bucknell Chief Financial Officer & Secretary
James D. Calaway Executive Chairman
Matt Weaver Senior VP-Engineering & Operations
Alan John Bruce Davies Independent Non-Executive Director