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Forex Market

Rupee settles flat at 87.50 against dollar after inching close to 88-level

The rupee on Monday plunged 45 paise and moved closer to the 88 per US dollar-level, weighed down by the strength of the American currency tariff concerns, but settled on a flat note at 87.50 (provisional) on suspected RBI intervention. The American currency gained in the overseas market after US President Donald Trump's plans to impose 25 per cent tariffs on steel and aluminum imports, along with reciprocal tariffs targeting countries taxing US exports. The move has added jitters over the global trade war with China's reciprocal duties coming into effect, they said. At the interbank foreign exchange, the rupee opened at 87.94 and touched an all-time intraday low of 87.95 against the American currency during the session. The local unit, however, pared the initial losses and finally settled on a flat note at 87.50 (provisional), unchanged over its previous close. On Friday, the rupee recovered 9 paise from its all-time low level to close at 87.50 against the US dollar. The rupee .

Rupee settles flat at 87.50 against dollar after inching close to 88-level
Updated On : 10 Feb 2025 | 4:36 PM IST

RBI allows 156 vostro accounts with 26 banks for rupee trade settlement

The government on Friday said so far the RBI has permitted 123 correspondent banks from 30 trading partner countries to open 156 Special Rupee Vostro Accounts (SRVAs) with 26 banks in India to promote bilateral trade in local currencies. The RBI has also entered into local currency settlement system arrangements with select trade partner countries like the UAE, Indonesia and Maldives for encouraging settlement of cross-border trade in rupee and the local bank of the partner country, Minister of State For Commerce and Industry Jitin Prasada said in a written reply to the Rajya Sabha. "As on date, RBI has permitted 123 Correspondent banks from 30 trading partner countries for opening of total 156 SRVAs with 26 AD (authorised deal) banks in India," he said. The government in consultation with the RBI, has taken several steps towards increasing the availability and acceptability of the domestic currency and use of other local currencies for cross-border transactions. This would enable

RBI allows 156 vostro accounts with 26 banks for rupee trade settlement
Updated On : 07 Feb 2025 | 4:15 PM IST

Rupee falls 9 paise to 87.16 against US dollar in early trade today

The rupee traded in a narrow range and depreciated 9 paise to 87.16 against the US dollar in early trade on Wednesday, as global trade war has fuelled risk aversion among investors. Forex traders said the rupee is trading with a negative bias over global trade war as market participants mulled the impact of tariffs being imposed by the United States and China. However, any central bank intervention may support the rupee, they added. At the interbank foreign exchange, the rupee opened at 87.13 then fell further to 87.16 against the American currency, registering a decline of 9 paise over its previous close. On Tuesday, the rupee recovered 4 paise from its all-time low level to close at 87.07 against US dollar. "For now the trade war seems to have slowed down as we await comments from Donald Trump on European exports and also on currencies. Meanwhile, the rupee remains range bound within a range of 86.90/87.25," said Anil Kumar Bhansali, Head of Treasury and Executive Director Finre

Rupee falls 9 paise to 87.16 against US dollar in early trade today
Updated On : 05 Feb 2025 | 11:22 AM IST

RBI injects $5.1 billion liquidity through oversubscribed FX swap auction

The RBI accepted 28 bids, totaling $5.1 billion, in the auction and the premium cut-off was set at 96.81 paisa, slightly below the prevailing market level before the auction results were announced

RBI injects $5.1 billion liquidity through oversubscribed FX swap auction
Updated On : 31 Jan 2025 | 3:54 PM IST

Rupee posts biggest weekly gain in over a year, underperforms peers

The dollar/rupee forward premiums, meanwhile, extended declines this week, as the Reserve Bank of India conducted buy/sell swaps alongside its spot intervention

Rupee posts biggest weekly gain in over a year, underperforms peers
Updated On : 24 Jan 2025 | 4:02 PM IST

Rupee rises 18 paise to 86.26 against US dollar in early trade today

Rupee appreciated 18 paise to 86.26 against the US dollar in morning trade on Friday, supported by positive domestic equities and soft American currency index. Forex traders said weak crude oil prices and positive domestic markets supported the local unit, while sustained foreign fund outflows weighed on the local unit. Traders further noted that the upcoming Union Budget will play a crucial role in shaping market sentiment and the rupee's trajectory. At the interbank foreign exchange, the rupee opened at 86.31 and touched 86.26 against the US dollar, registering a rise of 18 paise from its previous close. The local unit also touched 86.33 against the US dollar initial trade. On Thursday, the rupee declined 9 paise to settle at 86.44 against the US dollar. The rupee has shown signs of resilience, appreciating over the past two trading sessions due to a weakening dollar. Moreover, on a positive note, upcoming inflows from fundraising activities by IREDA of USD 570 million are expec

Rupee rises 18 paise to 86.26 against US dollar in early trade today
Updated On : 24 Jan 2025 | 11:22 AM IST

Rupee declines 5 paise to 86.40 against US dollar in early trade today

The rupee declined 5 paise to 86.40 against the US dollar in early trade on Thursday amid a strengthening greenback. While a drop in crude oil rates and an upward trend in the domestic equity markets prevented further decline in the local currency, forex traders expected it to remain volatile throughout the day and trade in a wide range of 86.20-86.60. At the interbank foreign exchange, the rupee opened at 86.46, down 11 paise from its previous close, and dropped further to 86.52. However, it recovered some of its losses as the equity markets showed an upward trend to rise to 86.40, lower by 5 paise from Wednesday's close. The domestic currency had appreciated 23 paise to close at 86.35 against the US dollar on Wednesday. "Exporters may continue to wait with a stop loss at 86.25 since the rupee continues to remain in a weakening mode due to US dollar demand," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said. "The rupee, which gained

Rupee declines 5 paise to 86.40 against US dollar in early trade today
Updated On : 23 Jan 2025 | 10:31 AM IST

India's forex reserves drop by $8.714 billion to $625.871 billion

India's forex reserves dropped by USD 8.714 billion to USD 625.871 billion in the week ended January 10, the RBI said on Friday. Earlier, the overall kitty dropped by USD 5.693 billion to USD 634.585 billion in the week ended January 3, the Reserve Bank of India said. The reserves have been on a declining trend for the last few weeks, and the drop has been attributed to revaluation along with forex market interventions by RBI to help reduce volatilities in the rupee. The forex reserves had increased to an all-time high of USD 704.885 billion in end-September. For the week ended January 10, foreign currency assets, a major component of the reserves, decreased by USD 9.469 billion to USD 536.011 billion, the data released on Friday showed. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. Gold reserves increased by USD 792 million to USD 67.883

India's forex reserves drop by $8.714 billion to $625.871 billion
Updated On : 17 Jan 2025 | 5:31 PM IST

RBI must shun excessive forex market intervention, says former head

Rupee tested a series of new lows recently, slipping to an all-time low of 86.7025 per dollar on Jan 14, and rose 0.3 per cent on January 15

RBI must shun excessive forex market intervention, says former head
Updated On : 16 Jan 2025 | 7:55 AM IST

Russia's CBRF to resume regular forex operations under budget rule in 2025

Under Russia's budget rule, the finance ministry sells foreign currency from its rainy day National Wealth Fund (NWF) to make up for any shortfall in revenue from oil and gas exports

Russia's CBRF to resume regular forex operations under budget rule in 2025
Updated On : 26 Dec 2024 | 1:52 PM IST

Sold net $9.28 bn in spot forex market in October, says RBI Bulletin

The RBI's net outstanding forward sale stood at $49.18 billion as of October end, compared with a net sale of $14.58 billion at the end of the previous month, the data showed

Sold net $9.28 bn in spot forex market in October, says RBI Bulletin
Updated On : 24 Dec 2024 | 6:39 PM IST

Rupee falls 1 paisa, hits new all-time low of 84.92 against US dollar

The rupee dropped 1 paisa to hit a new lifetime low of 84.92 against the US dollar in early trade on Tuesday, weighed down by foreign fund outflows and a muted trend in domestic equities. Forex traders said the rupee is likely to remain under pressure due to dollar demand from importers and foreign banks. At the interbank foreign exchange, the rupee opened at 84.89 against the greenback, then fell further to 84.92 against the American currency, registering a fall of 1 paisa over its previous close. On Monday, the rupee depreciated by 11 paise to close at an all-time low level of 84.91 against the US dollar. "The Indian rupee is expected to open at its lowest after a record number in respect of imports and a record trade deficit for November 24 mainly on account of increase in gold buying, took rupee lower in the NDF (Non-Deliverable Forward) markets," said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP. The opening will depend on where RB

Rupee falls 1 paisa, hits new all-time low of 84.92 against US dollar
Updated On : 17 Dec 2024 | 10:20 AM IST

Domestic, global headwinds challenge RBI's forex intervention efforts

India's forex reserves are at a five-month low after the RBI sold $38 billion, per IDFC FIRST Bank's estimate, between October and the first week of December

Domestic, global headwinds challenge RBI's forex intervention efforts
Updated On : 16 Dec 2024 | 9:05 AM IST

Rupee appreciates 6 paise to Rs 84.35 against US dollar in early trade

Rupee appreciated 6 paise to 84.35 against the US dollar in morning trade on Monday, supported by a firm trend in domestic equities. Forex traders said factors like elevated Dollar Index levels, and a nearly 5 per cent surge in crude oil prices over the past week driven by the escalation of the Russia-Ukraine conflict pose significant headwinds for the USD/INR pair. At the interbank foreign exchange, the rupee opened at 84.38 and moved in a tight range and touched 84.35 against the greenback, registering a gain of 6 paise over its previous close. On Friday, the rupee recovered from its all-time low level and appreciated 9 paise to close at 84.41 against the US dollar. The Indian rupee opened with some gains as FPIs selling came down considerably and markets rose last Friday, Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP. "RBI has also warned banks from taking long side positions in the USDINR pair for speculation purposes," Bhansali ...

Rupee appreciates 6 paise to Rs 84.35 against US dollar in early trade
Updated On : 25 Nov 2024 | 10:55 AM IST

Trump's win prompts calls for Indian firms to be cautious on forex risks

Investors are dumping Asian currencies, and the dollar is rallying against its major peers on bets that Trump's expected policies of lower corporate tax and deregulation would boost US growth

Trump's win prompts calls for Indian firms to be cautious on forex risks
Updated On : 07 Nov 2024 | 3:01 PM IST

RBI expands alert list, names 13 unauthorised forex trading platforms

Ranger Capital, TDFX, Inefex among entities barred from trading after violating regulations

RBI expands alert list, names 13 unauthorised forex trading platforms
Updated On : 23 Oct 2024 | 1:56 PM IST

RBI bought net $6.93 billion in spot forex market in July: Bulletin data

RBI's net outstanding forward sales stood at $9.1 billion as of end-July, compared with a net sales of $15.84 billion at the end of the previous month, the data showed

RBI bought net $6.93 billion in spot forex market in July: Bulletin data
Updated On : 20 Sep 2024 | 5:42 PM IST

Here's why everyone is talking about Japanese Yen and Carry Trade

Japanese Yen, a favourite for carry trade, has appreciated by 10 per cent in the last three weeks; thus, prompting fears of large scale unwinding and its ripple effects on global markets

Here's why everyone is talking about Japanese Yen and Carry Trade
Updated On : 05 Aug 2024 | 1:26 PM IST

RBI bought net $13.25 bn in spot forex market in March, shows bulletin

The RBI said it purchased $14.84 billion and sold $1.59 billion during the month. In the previous month, it had bought a net $8.56 billion in the spot market

RBI bought net $13.25 bn in spot forex market in March, shows bulletin
Updated On : 21 May 2024 | 5:00 PM IST

India sees forex reserves as main tool to manage bond index inflows

The Reserve Bank of India plans to absorb the inflows and match the outflows using its near-record high $642 billion reserves

India sees forex reserves as main tool to manage bond index inflows
Updated On : 16 May 2024 | 1:37 PM IST