Page 2 - Indian Rupee

Rupee rises 26 paise to 94.90 against US dollar during early trade

The rupee appreciated 26 paise to 94.90 against US dollar in early trade on Thursday, supported by easing crude oil prices. Forex traders said the rupee opened on a positive note as crude oil prices have fallen back to levels seen before the West Asia conflict. Even global risk sentiment has stabilised compared to the panic witnessed a few weeks ago. Foreign investors poured nearly USD 5.3 billion into Indian bond markets during June, marking the first month of positive inflows after three consecutive months of outflows, they said. At the interbank foreign exchange market, the rupee opened at 94.95, then touched 94.90 against the US dollar, registering a gain of 26 paise from its previous close. On Wednesday, the rupee depreciated 60 paise to close at 95.16 against the US dollar. "... As fresh foreign capital starts entering India, markets believe the RBI may continue absorbing a significant portion of these inflows rather than allowing them to fully strengthen the rupee," CR Fore

Rupee posts biggest one-day fall in over three weeks amid stronger dollar

The rupee weakened 59 paise against the US dollar as broad dollar strength, weaker Asian currencies, importer demand and foreign portfolio outflows weighed on sentiment

Rupee falls 19 paise to 94.75 against US dollar during early trade

The rupee fell 19 paise to 94.75 against the American currency in early trade on Wednesday, weighed down by the strength of the American currency in the overseas market. Forex traders said whenever fresh foreign inflows enter the country, the central bank is likely to use the opportunity to rebuild its reserve position rather than allowing the rupee to strengthen too much. Moreover, uncertainty prevailed over the progress of US-Iran peace talks keeping a geopolitical risk premium in the market. At the interbank foreign exchange market, the rupee opened at 94.67, then touched 94.75 against the US dollar, registering a loss of 19 paise from its previous close. On Tuesday, the rupee depreciated by 5 paise to close at 94.56 against the US dollar. "The global dollar is also adding pressure. After the US Federal Reserve maintained a cautious stance in its latest policy meeting, the Dollar Index has continued to hold above the 101 mark," CR Forex Advisors MD Amit Pabari said. As long as

Rupee falls 7 paise to 94.58 against US dollar despite stable oil prices

The rupee fell 7 paise to 94.58 against the American currency in early trade on Tuesday, as month-end demand for dollars from importers and corporates added pressure on the domestic unit. Forex traders said the losses for the rupee were partly cushioned by relatively stable crude oil prices globally. However, concerns about potential supply disruptions in the Gulf and continued uncertainty around the Strait of Hormuz weighed on investor sentiments. At the interbank foreign exchange market, the rupee touched 94.58 against the US dollar, registering a loss of 7 paise from its previous close. On Monday, the rupee pared initial gains and settled lower by 6 paise at 94.51 against the dollar. "As June draws to a close, month-end and quarter-end dollar demand has started showing up once again. Importers, corporates, and banks typically use this period to square positions and meet payment obligations, creating additional demand for dollars," CR Forex Advisors MD Amit Pabari said. The dol

Rupee rises 20 paise to 94.25 against US dollar during early trade

The rupee appreciated 20 paise to 94.25 against the US dollar in early trade on Monday supported by easing crude oil prices, even as a firm US dollar and tepid investor risk appetite weighed on sentiments. Forex traders said the rupee opened on a positive note with oil prices remaining supportive and foreign inflows improving. The overall bias remains positive for the rupee, they said, adding that the immediate hurdle remains the US dollar, which continues to hold firm near a 13-month high. At the interbank foreign exchange market the rupee opened at 94.36, then gained momentum and touched 94.25, registering a gain of 20 paise from its previous low. On Thursday, the rupee settled at 94.45 against the US dollar. Indian stock, currency, and commodities markets were shut on Friday on account of Muharram. "The rupee may remain under pressure amid a firm US dollar and the risk of a rebound in crude oil prices, though bond inflows could offer some support. Technically, 93.5094.10 is a .

Rupee rises 31 paise to 94.24 against US dollar as oil prices fall

The rupee rose 31 paise to 94.24 against the US dollar in early trade on Thursday as global crude oil prices continued to decline and went below levels seen before the start of the West Asia conflict. A weaker greenback and positive sentiments in the domestic equity market further supported the local unit while heavy FII outflows prevented a sharper rise, forex traders said. At the interbank foreign exchange market, the rupee opened at 94.30 against the US dollar and strengthened further to 94.24, up 31 paise from its previous close. The rupee appreciated 21 paise to settle at 94.55 against the US dollar on Wednesday. "The rupee opened stronger at 94.30 against the US dollar, supported by a sharp decline in global crude oil prices, which fell below levels seen before the Iran conflict. Brent crude is down more than 10 per cent this week and above 21 per cent for the month, easing concerns over India's import bill and supporting the domestic currency," Pinky Yadav, Commodity ...

Rupee falls 10 paise to 94.86 against US dollar during early trade

Rupee declined 10 paise to 94.86 against the US dollar in early trade on Wednesday as the greenback continued to gain in strength. However, sharp decline in global crude oil prices and FII inflows supported the local unit to prevent a sharper decline, forex traders said. At the interbank foreign exchange, the rupee opened at 94.88 before rising marginally to 94.86, down 10 paise from its previous close. The rupee declined 13 paise to close at 94.76 against the US dollar on Tuesday. "The rupee opened weaker against the dollar, extending its third straight session of pressure as the greenback stayed broadly firm. Early trade suggests the pair may remain biased higher as importer demand and dollar buying continue to outweigh selective exporter supply," Kaveri More, Commodity Analyst Technical Commodity Analyst at Choice Broking, said. "A sustained break above 95 could open the door toward 95.50 and then 96.00, while immediate support is seen around 94.10-94. Near-term direction will

Rupee falls 6 paise to 94.69 against US dollar during early trade

The rupee fell 6 paise to 94.69 against the US dollar in early trade on Tuesday as the greenback strengthened further to hover around its 13-month high. FII outflows and a weaker start to the morning trade at the domestic equity markets put further pressure on the rupee while a decline in crude oil prices cushioned against a steeper decline, forex traders said. At the interbank foreign exchange, the rupee opened at 94.73 against the US dollar before rising to 94.69, down 6 paise from its previous close. The rupee depreciated 30 paise to close at 94.63 against the US dollar on Monday. "The rupee opened weaker against the US dollar, as mounting expectations of a Federal Reserve rate hike and broad-based dollar strength weighed on Asian currencies. The greenback hovered near a 13-month high, supported by optimism surrounding US-Iran peace negotiations and weakness in major currencies, particularly the British pound and Japanese yen," Pinky Yadav, Commodity Fundamental Analyst at Choic

Rupee falls 15 paise to 94.48 against US dollar during early trade

The rupee depreciated 15 paise to 94.48 against the US dollar in early trade on Monday, weighed down by the strength of the American currency in the overseas market. Forex traders said the rupee witnessed volatility as steady debt and deposit inflows pulled the domestic currency in one way, while a nervous Middle East and a firm dollar pulled it the other way. At the interbank foreign exchange market the rupee opened at 94.42, registering a decline of 9 paise from its previous close. In initial trade it also touched 94.24 against the American currency. On Friday, the rupee pared most of its initial gains and settled higher by 7 paise at 94.33 against the US dollar. "Technically, the 94.0094.20 zone continues to act as a key support area, while 94.8095.00 remains the immediate resistance band. With debt inflows showing signs of improvement and oil prices staying relatively contained, the bias remains mildly in favour of rupee appreciation, with USD/INR potentially drifting towards

Rupee rises 20 paise to 94.20 against US dollar as Hormuz blockade ends

The rupee appreciated 20 paise to 94.20 against the US dollar in early trade on Friday on optimism that trade negotiations between India and the United States are set to gain momentum. Forex traders said the rupee opened on a positive note with oil prices remaining supportive and foreign inflows improving. The overall bias remains positive for the rupee, they said. Moreover, Indian Foreign Secretary Vikram Misri on Thursday said trade was a major subject of discussion between Prime Minister Narendra Modi and US President Donald Trump, with both leaders directing their negotiators to finalise the proposed trade pact at the earliest. At the interbank foreign exchange market the rupee opened at 94.30, then gained momentum and touched 94.20, registering a gain of 20 paise from its previous all-time closing low. On Tuesday, the rupee settled 10 paise higher at 94.40 against the US dollar. "The RBI is expected to use incoming dollar flows to rebuild forex reserves and gradually reduce i

Rupee's oil-led gains capped by RBI FX book, hedging flows: Bankers

The RBI's short-dollar ​forward book is estimated to have ballooned to an all-time high of nearly $110 billion, according to two ‌officials at foreign banks, up from $96 billion in April

Rupee falls 21 paise to 94.71 against US dollar during early trade

The rupee depreciated 21 paise to 94.71 against the US dollar in early trade on Thursday on US Federal Reserve's hawkish stance and the broad strength of the American currency in the overseas market. Forex traders said the dollar Index rose to 100.23 levels, a 4-month high, due to a hawkish FED. The FED Reserve held interest rates steady as widely anticipated but implied that at least one quarter-point rate hike would come later this year. At the interbank foreign exchange market the rupee opened at 94.66, then touched 94.71, registering a fall of 21 paise from its previous close. On Wednesday, the rupee appreciated 10 paise to close at 94.50 against the US dollar. "Asian currencies had also weakened considerably, taking the rupee lower this morning. Most asset classes had fallen against the dollar keeping it well bid while the asset class was well offered," said Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP. Meanwhile, the dollar index

Rupee sheds gains on dollar demand despite lower crude oil prices

The rupee surrendered most of its intraday gains as importer demand for dollars and likely RBI purchases offset support from softer crude oil prices

Rupee rises 31 paise to 94.29 against US dollar during early trade

The rupee appreciated 31 paise to 94.29 against the US dollar in early trade on Wednesday as Brent crude oil prices and the US dollar index retreated further from their elevated levels. Forex traders said the rupee opened on a positive note as Brent crude has fallen to near USD 79 per barrel -- a three-month low -- as markets price in the reopening of the Strait of Hormuz following the US-Iran framework. At the interbank foreign exchange market the rupee opened at 94.46, then touched 94.29, registering a gain of 31 paise from its previous close. On Tuesday, the rupee ended 2 paise lower at 94.60 against the US dollar. In the last three sessions the rupee has recovered 130 paise since the US-Iran deal framework emerged. "The rupee's bias has shifted. On the upside, 95.00-95.30 is now a strong resistance zone for USDINR. With expectations of strong foreign capital inflows and USDINR having decisively broken below the 94.80 level, the pair could gradually move towards the 94.0093.80

SBI plans Indian rupee-denominated deposits in Sri Lanka to support trade

SBI plans to launch rupee-denominated deposits in Sri Lanka to boost the use of the Indian currency in bilateral trade and investment

Rupee rises 5 paise to 94.53 against US dollar as West Asia tensions ease

The rupee appreciated 5 paise to 94.53 against the US dollar in early trade on Tuesday, as a sharp decline in oil prices and easing Middle East tensions have shifted the near-term bias in favour of the domestic unit. Forex traders said the immediate threat to global energy supplies has significantly reduced, following easing of tensions in the Middle East. Brent crude fell more than 6 per cent, moving closer to the USD 82 per barrel mark. For India, which imports nearly 90 per cent of its oil requirements, lower crude prices are often like a favorable wind behind a ship supporting the rupee. At the interbank foreign exchange market, the rupee opened at 94.69, then gained momentum and touched 94.53 in initial trade, registering a rise of 5 paise from its previous close. On Monday, the rupee strengthened 60 paise to settle at 94.58 against the US dollar. Forex traders said with oil prices moving in India's favor and foreign inflows remaining supportive, the near-term outlook for the

Motilal Oswal sector of the week: Banks; top picks are SBI, ICICI Bank

The medium-term outlook for the banking sector remains constructive, supported by healthy credit growth, stable asset quality and improving liquidity conditions, says Motilal Oswal.

Rupee hits 5-week high versus dollar, stocks sprint as crude oil cools

Indian markets rallied as easing West Asia tensions and a sharp fall in crude oil prices boosted the rupee, bonds and equities

The rupee's problem runs deeper than West Asia war and oil price surge

While foreign firms have been reluctant to invest in India, Indian firms have been expanding their investment abroad

Rupee strengthens sharply as crude plunges; bond yields fall to 2-month low

The Indian currency strengthened against the dollar as crude oil prices declined sharply, while benchmark bond yields fell to their lowest level in two months