Rupee

The rupee traded in a narrow range and edged up 3 paise to 94.78 against the US dollar in early trade on Friday amid elevated crude oil prices and foreign fund outflows. Forex traders said rupee is under pressure amid persistent macroeconomic headwinds, including global dollar strength and Brent crude prices hovering near USD 113 per barrel. At the interbank foreign exchange market, the rupee opened at 94.78, registering a gain of 3 paise over its previous close. On Thursday, the rupee closed at 94.81 against the American currency. Foreign investors turned cautious seeking safe-haven greenback assets amid elevated US Treasury yields, said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 101.64, higher by 0.04 per cent. Brent crude, the global oil benchmark, was trading higher by 0.42 per cent at USD 113.65 per barrel in .

Exchange rates should absorb global shocks, says IMF official as India rolls out measures to support the rupee

The rupee strengthened to 94.47 per dollar, its strongest level in six weeks, supported by foreign inflows linked to Jio Platforms' IPO and recent RBI measures to curb dollar demand

The rupee appreciated 29 paise to 94.62 against the US dollar in early trade on Wednesday, supported by positive sentiments in the domestic market and support from the RBI. Besides, the rupee got a boost from the foreign dollar inflows tied to the Jio IPO, which opened for public subscription on Wednesday, according to analysts. However, elevated crude oil prices and a firm US dollar capped the gains. At the interbank foreign exchange market, the rupee opened stronger at 94.78, and then gained further ground to touch 94.62 against the American currency, registering a gain of 29 paise from its previous close. On Monday, the rupee settled lower by 2 paise at 94.91 against the US dollar. The forex market was closed on Tuesday on account of Dussehra. ''This strength is primarily underpinned by foreign dollar inflows tied to the Jio IPO alongside support from the Reserve Bank of India (RBI). To navigate dollar flows during the IPO allotment process, foreign investors are largely rely

The rupee gained 9 paise to 94.80 against the US dollar in early trade on Monday, supported by the ongoing impact of the Reserve Bank of India's structural forex interventions. Forex traders said the rupee has witnessed its sharpest rally in seven months. However, the surge in Brent crude oil to USD 110 per barrel poses the biggest threat to this recovery. The rupee is inching closer to a key support level near 94. Constant pressure from high crude prices, rising US Treasury yields, and steady foreign capital outflows has forced the RBI to step up its market intervention, they said. At the interbank foreign exchange market, the rupee opened at 94.90 then touched 94.80 against the American currency, registering a gain of 9 paise from its previous close. On Friday, the rupee settled 10 paise higher at 94.89 against the US dollar. "With USDINR holding below 95.00 for the last 3 sessions, the focus shifts to 94.8094.70. A sustained break below 94.80 could open the way towards 94.00 ov

Let the rupee find its own level but allow that to happen in a calibrated way

India wants to promote trade settlements in rupee to help partner countries facing a shortage of hard currencies so that they continue importing essential goods, Finance Minister Nirmala Sitharaman said on Friday. When countries struggling to access hard currencies often face difficulties in maintaining trade despite their need to import goods, and local currency settlements could help address the problem, she said in an interaction with the Atlantic Council on the sidelines of the IMF-World Bank annual meetings at Bangkok, Thailand. "One of the things that we in India want to do is to settle in rupee, whatever the payment is got to be done by those countries which import goods from us," she said. She said India was working towards facilitating rupee and local currency settlements to ensure that trade continued with countries facing foreign currency constraints. "Rupee and local currency settlements are something which we want to do for the benefit of countries which are starved of

The RBI's measures have curbed speculative dollar demand but tightened forex liquidity and raised hedging costs, while high oil prices and capital outflows continue to weigh on the rupee

RBI has deployed an estimated $75 bn-$80 bn through spot dollar sales and currency swaps since June, as high oil prices, rising US Treasury yields and foreign equity outflows weigh on the rupee

The rupee's rebound after the RBI's latest measures may prove short-lived as energy import dependence and weak capital inflows weigh on the currency; further rate hikes could help address the pressure

The rupee appreciated 31 paise to 94.86 against the US dollar in early trade on Thursday, supported by the ongoing impact of the Reserve Bank of India's structural forex interventions and liquidity-tightening measures. Market participants attributed the rupee's continued appreciation to central bank intervention and the unwinding of long dollar positions. However, ongoing external macroeconomic pressures are likely to temper further gains, they said. At the interbank foreign exchange market, the rupee opened at 94.95, then gained ground to touch 94.86, registering a gain of 31 paise over its previous close. On Wednesday, the rupee appreciated 19 paise to close at 95.17 against the US dollar. The rupee has now crossed 95.5095.00 range, bringing 94.80 into focus, CR Forex Advisors MD Amit Pabari said. "A sustained break below 94.80 could open the door to another 5075 paise of appreciation. And the reduced direct dollar demand from oil companies could support the momentum," Pabari .

The rupee closed at 95.16 per dollar, up 0.13 per cent, as RBI forex measures and Governor Sanjay Malhotra's comments lent support, while importer demand capped its gains

The rupee appreciated 44 paise to 94.92 against US dollar in early trade on Wednesday, supported by Reserve Bank of India interventions designed to ease near-term dollar demand and limit speculative foreign exchange exposure. Forex traders said the USD/INR pair, which has gained nearly 2 per cent in the last three trading sessions, opened on a positive note on Wednesday, largely driven by regulatory measures implemented by the RBI to limit volatility and curb speculative trading. A sustained move below the 95.00 threshold opens potential toward 94.50, but ongoing external macroeconomic pressures are likely to temper further gains, they said. At the interbank foreign exchange market, the rupee opened at 95.05, then gained ground to touch 94.92, registering a gain of 44 paise over its previous close. On Tuesday, the rupee strengthened for the third straight session and appreciated 42 paise to close at 95.36 against the US dollar. Meanwhile, Finance Minister Nirmala Sitharaman on Tue

Finance Minister Nirmala Sitharaman said investors in India and abroad have raised questions about capital gains taxation, STT and whether different asset classes should be taxed on similar lines

The rupee appreciated 82 paise to 94.96 against US dollar in early trade on Tuesday, supported by various RBI measures aimed at reducing immediate dollar demand and curbing excessive positions in the foreign exchange market. Forex traders said measures including a dedicated dollar window for oil marketing companies through designated banks and higher costs for certain foreign exchange hedging transactions, are expected to reduce dollar demand in the spot market and curb speculative positions against the rupee. At the interbank foreign exchange market, the rupee opened at 95.53, then gained ground to touch 94.96, registering a gain of 82 paise over its previous close. On Monday, the rupee appreciated 93 paise, logging its steepest single-day gain in more than six months, to close at 95.78 against the US dollar. "With the RBI's measures supporting the rupee, we expect USD/INR to move towards 95.0094.80 range in the near term," CR Forex Advisors MD Amit Pabari said. The RBI on Saturd

The move is the latest in a slew of measures announced by the central bank since Saturday aimed at supporting the rupee, which has been falling due to steep oil prices and capital outflows

This year the S&P 500 is up about 14% in dollars. Because the dollar has also gained nearly 7% against the rupee, the return in rupees is closer to 22%.

Lenders have approached ‌RBI via a forex industry body, seeking the removal of a mandate that banks make a 20% cash deposit with the RBI for FX derivatives used to hedge current-account exposures

The currency gained 1%, its biggest jump since April, to 95.7575 per dollar on Monday

The rupee opened at 95.73 against the greenback today compared with Friday's close of 96.76. As of 9.14 AM, it was trading at 95.76, according to Bloomberg data.