Page 12 - Currency

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

Rupee tumbles 5 paise to 82.29 against US dollar in opening trade

The rupee after opening on a positive note, pared the gains and slipped 5 paise to 82.29 against the US dollar amid high volatility in early trade on Friday. At the interbank foreign exchange, the domestic unit opened at 82.26 against the dollar, then touched 82.12, registering a gain of 12 paise over its previous close. In initial trade, the rupee also touched 82.29 against the American currency. On Thursday, the rupee had settled at 82.24 against the greenback. "Dollar strengthened immediately post the CPI print but saw a massive reversal on short covering in majors," IFA Global Research Academy said in a research note, adding the US headline September CPI came in higher than expected at 8.2 per cent year-on-year (0.4 per cent MoM) against 8.1 per cent yoy (0.2 per cent month-on-month). Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.08 per cent to 112.27. Brent crude futures, the global oil benchmark, fell 0.13 per c

US dollar surges to new 24-year high versus yen; sterling rallies

The dollar climbed to a fresh 24-year peak versus the yen on Wednesday, holding above levels that prompted intervention by Japanese officials last month

Digital rupee likely to bring down cost of cross-border payments

The introduction of CBDC for cross-border remittances can bring down costs substantially

Markets fall most in 2 weeks on rising yields; Sensex declines 844 points

The Nifty ended the session at 16,983 points, with a fall of 257 points, or 1.5 per cent

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

Rupee depreciates 1 paisa to 82.41 against US dollar in early trade

The rupee slipped 1 paisa to 82.41 against the US dollar in the morning trade on Tuesday amid the strengthening of the American currency and sustained foreign fund outflows. Moreover, a weak trend in domestic equities and risk aversion sentiment among investors weighed on the local unit. At the interbank foreign exchange, the domestic unit opened at 82.35 against the dollar, then pared the gains to 82.41, registering a loss of just 1 paisa over its previous close. In a highly volatile session, the local unit also touched 82.33 against the American currency in initial deals. On Monday, the rupee slipped 10 paise to finish at a fresh lifetime low of 82.40 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.12 per cent to 113.27. Brent crude futures, the global oil benchmark, fell 0.28 per cent to USD 95.92 per barrel. "RBI sold more than a billion dollars yesterday to protect against a fast depreciati

Dollar gains on rate-hike fears, yen flirts with intervention levels

The dollar loomed large over fragile financial markets, with worries about rising interest rates and geopolitical tensions, while the yen was testing levels that have prompted official intervention

Pakistani rupee becomes world's best performing currency, gains 3.9%

Pakistans volatile rupee (PKR) became the "worlds best performing currency" in the week that ended on October 7, as it made the largest gain of 3.9% over five working days to 219.92 PKR to a dollar

Rupee breaches 82 level vs dollar as Fed officials back rate hike view

RBI nudges banks to ease up on offshore FX positions

World currency reserves shrink by $1 trn this yr in record drawdown

Reserves have declined by about $1 trillion, or 7.8%, this year to $12 trillion, the biggest drop since Bloomberg started to compile the data in 2003

Bessemer Venture leads $3.5 mn seed round for SaaS billing start-up Zenskar

Zenskar's flexible billing platform enables SaaS firms to handle usage-based pricing, subscriptions, nuanced discounts, credits, custom currencies, prepaid, post-paid, and ramp deals

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

Rupee hits new low, inches towards 82 per dollar on hawkish US Fed

So far in 2022, the rupee has depreciated around 9.2% against US dollar

Rupee depreciates 40 paise to all-time low of 81.93 against US dollar

The rupee depreciated 40 paise to an all-time low of 81.93 against the US dollar in early trade on Wednesday as the strengthening of the American currency and risk-averse sentiment among investors weighed on the local unit. Moreover, a negative trend in domestic equities and significant foreign fund outflows sapped investor appetite, forex traders said. At the interbank foreign exchange, the rupee opened at 81.90 against the greenback, then fell to 81.93, registering a fall of 40 paise over its previous closing. On Tuesday, the rupee consolidated in a narrow range and settled 14 paise higher at 81.53 against the dollar. The rupee opened weaker on Wednesday as the dollar resumed its upward momentum supported by hawkish Fed talk, said Sriram Iyer, Senior Research Analyst at Reliance Securities. The local unit could track the weakness of the Asian and emerging market peers, Iyer said, adding that a delay in local bonds' inclusion for listing on a major global index this year could al

What are the implications of Rupee staying beyond 80?

The Indian rupee continued to depreciate as it hit the all-time low of 81.63 against the US dollar on Monday. Even though it doesn't spell bad news for all the sectors, what will be the implications?

Rupee falls to fresh low on relentless strength in dollar after Fed hike

Forex traders await cues on RBI's intervention strategy post the recent slump in rupee

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

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

Rupee rises 5 paise to 79.47 against US dollar amid rate hike concerns

The rupee witnessed a range-bound trading in early trade on Thursday as a firm American currency and concerns about hawkish US Fed offset the support from positive domestic equities. At the interbank foreign exchange, the domestic unit opened at 79.53 against the dollar, then touched 79.47 in initial deals, registering a gain of 5 paise over its previous close. On Wednesday, the rupee declined by 35 paise to close at 79.52 against the US currency. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.06 per cent to 109.72. Brent crude futures, the global oil benchmark, fell 0.11 per cent to USD 94 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 275.51 points or 0.46 per cent up at 60,622.48. Similarly, the broader NSE Nifty rose 36.15 points or 0.2 per cent to 18,039.90. Foreign Institutional Investors (FIIs) were net sellers in the capital markets, as they offloaded shares worth Rs 1,397.51 crore on ...