Page 7 - Currency

Rupee rises 5 paise to close at 83 against dollar on positive mkt sentiment

The rupee appreciated 5 paise to close at 83.03 (provisional) against the US dollar on Wednesday, tracking positive domestic equities. Forex traders said strength of the American currency in the overseas market and elevated crude oil prices weighed on the local unit and restricted a sharp uptick. At the interbank foreign exchange, the local unit opened at 83.11 against the greenback. It hit an intra-day high of 83.02 and a low of 83.12. It finally settled at 83.03 (provisional) against the dollar, higher by 5 paise from its previous close of 83.08. "We expect the rupee to trade with a slight negative bias on strong US dollar and risk aversion in global markets. Rising crude oil prices may also put pressure on the rupee," said Anuj Choudhary, Research Analyst, Sharekhan by BNP Paribas. Choudhary added that any bounce back in domestic markets may support the rupee at lower levels. "Traders may remain cautious ahead of India's trade balance and US retail sales data. USD-INR spot pri

Rupee hits two-week high, forward premiums choppy; volumes improve

The rupee ended at 82.9650 to the U.S. dollar, up from 83.0425 in the previous session. The currency hit its highest intraday level of 82.9325 since Jan 16

Rupee ends little changed as focus turns to Budget, US Fed decision

The rupee closed at 83.1325 against the U.S. dollar, barely changed from its close at 83.1150 in the previous session

Govt, RBI actively working on CBDC to enable cross border payment: FM

RBI has already rolled out a pilot in the retail version of CBDC or the e-rupee on December 1, 2022. The e-rupee is in the form of a digital token that represents legal tender

Dollar up after US GDP data, euro falls after ECB president's remarks

Next week, the Fed is widely expected to stand pat but comments from Chair Jerome Powell will be intensely scrutinized to assess if the U.S. central bank is ready to start cutting interest rates

Devaluation of Argentine Peso results in negative impact on Q3 sales: GCPL

FMCG maker Godrej Consumer Products Ltd (GCPL) on Friday said the devaluation of the Argentine Peso by the recently elected government in Argentina has resulted in a "negative mid-single digit impact" on its consolidated sales for the December quarter. The new Argentinian government is taking various measures to improve the economic conditions and one of them was to devalue the Argentine Peso to the US Dollar. In December 2023, the Argentine Peso to the US Dollar was devalued from 361 to 808, as the Argentinian economy is facing hyperinflationary pressures. The IndAS 29 (Indian accounting standards) mandates the YTD statement of Profit and Loss to be translated at the closing rate for presentation in consolidated financial statements, said the Godrej Group FMCG arm in a regulatory statement. It mandates all amounts to be restated into the measuring unit at the end of the reporting period by applying a general price index. "Hence, the impact of the devaluation of the Argentine Peso

Rupee settles at new closing low of 83.40 on caution ahead of US Fed meet

The dollar index, which measures the strength of the greenback against a basket of six major currencies, rose to 103.95, against 103.78 on Tuesday

Rupee rises 3 paise to 83.37 against US dollar during early trade

The rupee appreciated 3 paise to 83.37 against the US dollar in early trade on Monday, amid sustained inflow of foreign funds and bullish sentiment in the domestic equity market. An upward movement in crude oil prices, however, weighed on the Indian currency, according to forex traders. At the interbank foreign exchange market, the local unit opened at 83.39 against the dollar and rose to 83.37, up 3 paise from its previous close. On Friday, the rupee depreciated 4 paise to close at 83.40 against the US dollar. Gaurang Somaiya, forex and bullion analyst at Motilal Oswal Financial Services, said that investors will keep a close eye on monetary policy decisions from US Federal Reserve and other central banks to be announced this week. "... the commentary from the (US Fed) Governor will be important to watch and gauge a view for the major crosses. Today, volatility could remain low as no major economic data is expected to be released from the US. We expect the USD-INR (spot) to trade

Health insurance safety, adventure sport boom: Top personal finance stories

Our pick of best stories this week explains why medical claims are rejected and how Indians are seeking thrill

A glimmer of hope: Debt, hybrid funds may gain currency in Samvat 2080

Most believe that debt funds will attract higher flows over the next 12 months as the interest rate trajectory could trend lower throughout the year

Rupee touches lifetime low of 83.48 vs dollar after Fed's hawkish comments

Absence of RBI support might have pulled down rupee, say market experts

Rupee falls 9 paise to close at all-time low of 83.33 against US dollar

The rupee depreciated 9 paise to close at an all-time low of 83.33 (provisional) against the US dollar on Wednesday, tracking a strong greenback against major rivals overseas and unabated foreign capital outflows. Besides, a negative trend in domestic equities and elevated crude oil prices amid geopolitical uncertainty in the Middle East weighed on investor sentiments, according to forex traders. At the interbank foreign exchange, the rupee opened at 83.26 against the dollar. During the trading session, it touched an intra-day low of 83.35 and a high of 83.26 against the American currency. The local unit finally settled at its lifetime low of 83.33 (provisional), lower by 9 paise against its previous close. On Tuesday, the rupee settled at 83.24 against the American currency. "We expect the rupee to trade with a slight negative bias on the strong Dollar amid geopolitical uncertainty in the Middle East. Weak tone in domestic markets may also weigh on the rupee. "Traders may take c

Rupee ends flat as Reserve Bank's support counters month-end dollar demand

The rupee closed at 83.25, little changed from its close at 83.2450 in the previous session. The currency traded in a narrow 83.2450 to 83.27 range in the spot session

Many faces of OMO

The OMO sale is quite an innovative way to address the concerns around currency

Rupee ends at record closing low on intensifying geopolitical worries

The rupee closed at 83.2775 against the U.S. dollar, little changed from its previous close of 83.2625. The currency hit its previous record closing low of 83.2675 on Sept. 18

US should rethink currency manipulator list: RBI governor Shaktikanta Das

There has to be a two-sided appreciation of the challenges" emerging markets face dealing with spillover effects of advanced economy policies, said

The bull case for emerging markets in 2023 is now finally shattering

Investors have also fled bonds, with both local- and hard-currency fixed income indexes sliding in the third quarter, according to data compiled by Bloomberg

Inclusion of Indian bonds in JP Morgan index to widen investor base: CEA

The inclusion of G-Secs will be staggered over a 10-month period from June 28, 2024 to March 31, 2025, indicating one per cent increment on its index weight

Rupee falls to record closing low as rising oil pushes up dollar demand

Possible dollar sales from the RBI helped the local unit stay above lifetime lows. The rupee had fallen to a record low of 83.29 in October last year

India digital rupee transactions hits 18,000 a day, still below target

The central bank last year began pilot programmes to use the e-rupee in retail and wholesale markets as an alternative to cash