Page 17 - Currency Market

Rupee trade with few nations may start, internationalisation will take time

Rupee trade with few nations may start, internationalisation will take time

Rupee 4 paise higher over its previous close, settles at 82.75 against USD

The rupee pared its initial losses and settled 4 paise higher at 82.75 (provisional) against the US dollar on Friday, tracking a positive trend in domestic equities. At the interbank foreign exchange market, the local currency opened at 82.89 and witnessed a high of 82.59 and a low of 82.91. It finally settled at 82.75 against the American currency, registering a rise of 4 paise over its previous close. On Thursday, the rupee had rebounded from its lifetime low to close 21 paise higher at 82.79. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, advanced 0.47 per cent to 113.41. Global oil benchmark Brent crude futures fell 0.11 per cent to USD 92.28 per barrel. On the domestic equity market front, the 30-share BSE Sensex rose 104.25 points or 0.18 per cent to end at 59,307.15, while the broader NSE Nifty advanced 12.35 points or 0.07 per cent to 17,576.30. Foreign Institutional Investors (FIIs) were net buyers in the capital m

Japan's yen weakens past 150 per dollar for first time since August 1990

The fragile yen briefly weakened past 150 per dollar in early European trading for the first time since August 1990. It was last trading flat a little below that level

Rupee can drop further to 84.50 against US dollar by year-end: Poll

The rupee slipped to a record low of 83.2150 on Thursday

Rupee appreciates 6 paise to 82.34 against US dollar in early trade

The rupee appreciated 6 paise to 82.34 against the US dollar in early trade on Wednesday as a firm trend in domestic equities strengthened investor sentiment. However, persistent foreign capital outflows capped the gains of the local unit, forex traders said. At the interbank foreign exchange, the domestic unit opened strong at 82.32 against the dollar, then lost some ground to quote at 82.34, a gain of 6 paise over its previous close. In the previous session on Tuesday, the rupee slipped 10 paise to end at 82.40 against the dollar The dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.06 per cent to 112.06. Brent crude futures, the global oil benchmark, rose 0.59 per cent to USD 90.56 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 258.72 points or 0.44 per cent higher at 59,219.32. Similarly, the broader NSE Nifty rose 69.30 points or 0.40 per cent to 17,556.25. Foreign Institutional Investors (FIIs)

Rupee depreciates 11 paise to 82.30 against US dollar in closing trade

The rupee depreciated by 11 paise to close at 82.30 (provisional) against the US dollar on Monday as risk-off sentiment among investors and sustained foreign capital outflows weighed on the local unit. However, a rally in the domestic equities and a weak greenback overseas restricted the rupee's fall, traders said. At the interbank foreign exchange market, the local currency opened lower at 82.33 and later fell to a low of 82.42. The unit finally settled at 82.30 against the American currency, registering a decline of 11 paise over its previous close. In the previous session on Friday, the local currency had settled at 82.19 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.47 per cent to 112.78. Global oil benchmark Brent crude futures rose 0.28 per cent to USD 91.89 per barrel. On the domestic equity market front, the 30-share BSE Sensex surged 491.01 points or 0.85 per cent to end at 58,410.9

Rupee in narrow trading range as RBI's intervention reins in speculation

The Indian rupee on Monday held a narrow trading range once again as the Reserve Bank of India's likely intervention last week discourages speculators

RBI norms on unhedged Fx exposure unlikely to impact banks much

In June, the RBI had said that of the outstanding ECBs of $180 billion, 44 per cent was unhedged

RBI asks banks to stop building positions in offshore market: Report

The build-up of positions in this segment of the market is forcing the RBI to spend more reserves to defend the rupee

RBI asks banks to set aside capital, provisions for unhedged FX exposure

Move comes amid sharp depreciation in rupee; says losses incurred by entities with such exposure could affect health of banking system

Domestic steel prices inching up on rising cost, pick-up in demand

Currency depreciation of over 6% may have supported uptrend; industry players confident that prices have bottomed out

Invest in US funds, gold to fulfil child education goal amid rupee plunge

Travellers may switch to destinations against whose currencies the rupee has gained

Currency movements not guiding factors for monetary policy: Shaktikanta Das

Reserve Bank of India Governor Shaktikanta Das on Friday said that currency movements are not the guiding factors for monetary policy decisions. He said currency management is the domain of RBI and that it will deploy all the appropriate measures on the same. The Monetary Policy Committee, which decided to go for a rate hike of 0.50 per cent earlier in the day, takes into account domestic factors on inflation and growth while formulating its rates strategy, Das told reporters during the customary post-policy press conference. He said the primacy is given to inflation while the aspect of growth is also looked into. On liquidity, Das said there should not be any worries about tightness and that the system wide funds availability was more than Rs 5 lakh crore. Deputy Governor T Rabi Sankar said rupee trade proposals have been received from four to five countries and many banks. He did not provide further details.

Analysts see Rupee hitting 85 levels; Fibonacci charts, too, show weakness

As per the weekly Fibonacci chart, the Rupee can depreciate to 82 - 82.20 - 82.40 during the week. However, in case the currency sustains below 81.55-level a corrective move to 80.50 seems possible.

India operations to offer post-trade products to global clients: OSTTRA

London-based company says Indian team supports its international clients, solves operational problems

Rupee falls to new low as dollar's rise continues; importers buy greenback

The rupee depreciated 43 paise to an all-time low of 81.52 against the US dollar in early trade on Monday as the strengthening of the American currency and risk-averse sentiment among investors weighed on the local unit. Moreover, escalation of geopolitical risks due to conflict in Ukraine, a negative trend in domestic equities and significant foreign fund outflows sapped the investor appetite, forex traders said. At the interbank foreign exchange, the rupee opened at 81.47 against the greenback, then fell to 81.52, registering a fall of 43 paise over its previous closing. On Friday, the rupee slumped 30 paise to close at a fresh lifetime low of 81.09 against the US dollar. The Indian rupee is likely to remain weaker as investors expect that the US Fed will continue to hike interest rates aggressively to cool inflation, Sriram Iyer, Senior Research Analyst at Reliance Securities, said. "Focus now shifts to RBI's meeting this week, with its decision due on Friday. We expect RBI to

Every nation for itself as dollar batters global currencies after rate hike

While the problems in currency markets right now are in many ways reminiscent of the 1980s, the solutions are unlikely to be

UCO Bank becomes first lender to get RBI's approval for rupee trade

Many banks in India are planning to open such special vostro accounts for settling trade transactions with other nations

Strong dollar vs foreign inflows: Rupee in fine balance ahead of Fed meet

Analysts expect rupee to trade in the range of 78-80 per dollar, for now

Currency internationalisation: India pushes for rupee trade with Cuba

In July, the RBI had unveiled a mechanism to settle international transactions in rupee to promote the growth of global trade, with emphasis on exports from India