Rupee Falls

The rupee depreciated 9 paise to 74.45 against the US dollar in opening trade on Thursday, tracking muted domestic equities. The local unit opened at 74.44 against the greenback at the interbank forex market, then lost further ground and touched 74.45, down 9 paise over its last close. On Wednesday, the rupee declined by 18 paise to close at 74.36 against the US dollar. "The euphoria around a Joe Biden victory (in the US presidential election) and a vaccine becoming available by the year-end seems to be slowly settling down, said Abhishek Goenka, Founder and CEO, IFA Global. The overall risk sentiment, however, continues to remain positive, he said, adding that the dollar though has made a comeback against majors and commodity currencies. The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.02 per cent to 93.02. On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 202.76 points lower at 43,390.91, and the

Sheds 24 paise to end at 73.85 on heavy greenback purchases by nationalised banks to meet month-end oil import bills

The rupee opened weak at 76.75 at the interbank forex market and then fell further to hit an all-time low of 76.80, down 36 paise over its last close.

The reserves had touched a life-time high of $487.23 billion in the week to March 6, after it rose by $5.69 billion

On Monday, the blue-chip NSE Nifty 50 index and the S&P BSE Sensex crashed 12.98% and 13.15%, respectively, their biggest plunges on record. The rupee hit a fresh record low against the dollar

The rupee closed at 76.20 a dollar, down from its previous close of 75.20 a dollar

Meanwhile, all central banks including RBI are trying to reduce the risk and address the liquidity crunch. However, the increasing number of coronavirus cases in India will keep the rupee on an edge.

Indian equity markets suffering their worst single-day losses and stock indices slipping into bear territory also hit the rupee sentiment

The new coronavirus outbreak can now be described as a pandemic, the head of the World Health Organization announced Wednesday.

The Reserve Bank of India (RBI) did not intervene in the market, even as the offshore markets showed rupee to be weaker by 10-11 paise against the dollar

Analysts expect the renewed geopolitical worries to remain for a couple of days, lending support to the crude oil price and taking a toll on emerging market currencies, including the rupee

The rupee started at 69.44 a dollar, and on December 27, closed at 71.32 a dollar.

The rupee depreciated by 9 paise to close at 71.27 against the US dollar on Tuesday amid heavy selling in domestic equities and steady rise in crude oil prices. Forex traders said the rupee traded in a narrow range but was weighed down in the latter half of the session after reports emerged that the government might not be able to meet its disinvestment target. At the interbank foreign exchange market, the domestic currency opened weak at 71.22 and later fluctuated between a high of 71.15 and a low of 71.29. The domestic unit finally settled at 71.27, showing a fall of 9 paise over its previous close of 71.18. "Rupee continued to consolidate in a narrow range but was weighed down in the latter half of the session after reports that the government might not be able to meet its disinvestment target. Some sources suggest that the government will not be able to finish the disinvestment process for BPCL as well as for Air India in the current fiscal year," Gaurang Somaiyaa, Forex & ...

The domestic currency on Thursday crashed to an over eight-month low of 71.81, dropping 26 paise as tumbling equities and incessant foreign fund outflows weighed on sentiment.

Also, the sudden drop in Chinese yuan led to increased volatility in emerging market currencies, including the rupee

The domestic unit on Monday depreciated by 14 paise to close at 71.02 as profit booking in domestic equities and unabated foreign fund outflows kept investors edgy.

The Chinese yuan, too, fell to an 11-year low, responding to the US-imposed tariffs on imports

Bank treasuries, and perhaps the RBI are closely tracking the yuan movement, and are devising strategies accordingly

But a weakening pound sterling may erode some of the gains

The rupee had opened on a weak note at 70.92 at the interbank forex market, then fell further to 70.99 against the dollar