Page 47 - Indian Rupee

Rupee rises 2 paise to 83.72 against US dollar during early trade

The rupee appreciated by 2 paise to trade at 83.72 against the US currency in the early session on Monday amid a weak dollar in the overseas markets. At the interbank foreign exchange market, the rupee opened firm at 83.70 against the US dollar. The local currency moved in a tight range of 83.70 to 83.72 in early trade. The rupee was trading at 83.72 against the US dollar at 9.30 am. Foreign fund outflows from Indian equities after the government's decision to hike the tax rate on capital gains weighed on the local currency and restricted the upmove, forex traders said. The domestic currency had recovered from its all-time low by 5 paise to settle at 83.73 against the US dollar on Friday, on the strength in domestic markets and expectations of fresh foreign inflows. In the domestic equity market, the 30-share BSE Sensex hit an all-time high, rising 355.7 points, or 0.44 per cent, to 81,688.42 in early trade on Monday. Meanwhile, the dollar index, which gauges the greenback's stre

Rupee may bounce back in Aug on weak dollar, US rate cut hopes: BS poll

But some see it hitting 84/$ tracking Asian peers

Rupee falls to new low on oil importers' dollar demand, weak risk appetite

The rupee remained under pressure during the week due to persistent outflows from domestic equities, said dealers

Budget 2024: Lower fiscal deficit estimate for FY25 cheers bond market

Rupee falls to new low due to weakening stocks

Rupee rises 4 p to 83.62 against US dollar in early trade ahead of Budget

The rupee appreciated 4 paise to 83.62 against the US dollar in early trade on Tuesday, ahead of the Budget presentation. Forex traders said the local currency gained strength as crude oil prices and the American currency retreated from their elevated levels. Moreover, foreign fund inflows also supported the rupee. At the interbank foreign exchange market, the local unit opened at 83.64, and touched an early high of 83.62, registering a gain of 4 paise from its previous close. On Monday, the rupee consolidated in a narrow range to settle 4 paise higher at 83.66 against the American currency. Forex traders said marketmen will closely watch the Union Budget for further cues on fiscal deficit, capital expenditure, tax revenue and GST among others. Finance Minister Nirmala Sitharaman will present her 7th straight Budget that would lay a roadmap for Viksit Bharat (developed India) by 2047, while giving a glimpse of 10 years' performance. The Indian rupee has been down as dollar buying

Rupee falls to new record low tracking the decline in Chinese Yuan

Market participants said that the Indian currency did not depreciate further as the Reserve Bank of India intervened in the foreign exchange market by selling dollars

Rupee up 5 paise from all-time low to 83.65 against dollar in early trade

The rupee recovered from its all-time low level and appreciated by 5 paise to 83.65 against the US dollar in early trade on Monday, as the American currency retreated from its elevated level. Forex traders said foreign fund inflows and possible intervention by the Reserve Bank of India (RBI) supported the rupee at lower levels and restricted the downfall. At the interbank foreign exchange market, the local unit opened at 83.66, and touched an early high of 83.65, registering a gain of 5 paise from its previous close. On Friday, the rupee depreciated 7 paise to settle at its all-time low of 83.70 against the US dollar. "A weakening dollar -- prompted by shifts in the macroeconomic landscape and emerging cracks in US economic data -- caused the dollar index to dip to 104. This scenario saw emerging market currencies rising against the dollar," CR Forex Advisors MD Amit Pabari said. However, despite these rupee-supporting factors, the Indian currency hasn't appreciated significantly,

LVMH-backed L Catterton seeks Sebi approval for Rs 4,000 crore India fund

US-based private equity firm L Catterton is likely to invest in India alongside its next Pan Asia dollar fund on a pro-rata basis

Rupee settles at fresh closing low of 83.66 against the US dollar

Market participants said that the Reserve Bank of India intervened in the foreign exchange market via dollar sales, which prevented the rupee from further depreciation

Rupee appreciates 4 paise to 83.57 against US dollar in early trade

The rupee appreciated 4 paise to 83.57 against the US dollar in early trade on Tuesday, supported by positive trend in domestic equities and foreign fund inflows. Forex traders said dollar demand from local importers limited the rupee's upward momentum. At the interbank foreign exchange market, the rupee opened at 83.59 and gained ground to trade at 83.57 against the greenback in initial deals, registering a rise of 4 paise from its previous closing level. On Monday, the rupee depreciated 10 paise to 83.61 against the US dollar. "The Indian rupee is currently caught in a tug-of-war between negative and positive forces, trading within a tight range," CR Forex Advisors MD Amit Pabari said, adding that continuous intervention by the Reserve Bank of India has helped prevent significant depreciation. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was at 104.33, higher by 0.14 per cent, driven by stronger-than-expected US Producer

Rupee depreciates 4 paise to 83.55 against US dollar in early trade

The rupee depreciated 4 paise to 83.55 against the US dollar in early trade on Monday, tracking the strength of the American currency in the overseas market and elevated crude oil prices. Forex traders said a positive trend in domestic equities and significant foreign fund inflows supported the rupee and restricted the fall. At the interbank foreign exchange market, the rupee opened at 83.53 and lost further ground to trade at 83.55 against the greenback in initial deals, registering a fall of 4 paise from its previous closing level. On Friday, the rupee settled at 83.51 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was at 104.21, higher by 0.11 per cent. Brent crude futures, the global oil benchmark, advanced 0.11 per cent to USD 85.14 per barrel. Over the past week, the Indian rupee has remained steady against the dollar, consistently hovering around the 83.50 mark despite a brief weakening of the .

Rupee trades flat at 83.53 against US dollar during early session

The rupee traded flat at 83.53 against the US currency in early trade on Friday amid firm crude oil prices and gains in domestic stocks. At the interbank foreign exchange market, the rupee opened flat at 83.53 against the US dollar. The local unit moved in a tight range of 83.50 to 83.54 in morning deals. The rupee was trading flat at 83.53 against the US dollar at 0935 hrs. Forex dealers said the impact of firm crude oil prices was offset by overnight losses in the US dollar index and early gains in the domestic equity markets. The US dollar index eased on Thursday after softer US inflation data raised hopes of rate cut by the US Fed by September. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.05 per cent lower at 104.49. Brent crude futures, the global oil benchmark, were trading 0.20 per cent higher at USD 85.60 per barrel. Domestic equity markets were trading higher in early session on Friday. Benchmark Se

Rupee appreciates 2 paise to 83.49 against US dollar in early trade

The rupee traded in a narrow range and appreciated 2 paise to 83.49 against the US dollar in early trade on Thursday, as a positive trend in domestic equities supported the local unit, while elevated crude oil prices weighed on investor sentiments. At the interbank foreign exchange market, the local unit opened at 83.49, registering a rise of 2 paise from its previous close. On Wednesday, the rupee stayed range-bound and settled 2 paise lower at 83.51 against the US dollar. "Persistent demand for the dollar from local importers has capped the rupee's potential gains, yet its outlook remains optimistic, buoyed by recent positive economic indicators," CR Forex Advisors MD-Amit Pabari said. Pabari further said the rupee's outlook is supported by strong foreign inflows, a positive economic forecast, and India's impressive macroeconomic growth, currently the fastest among large economies. The Reserve Bank of India (RBI) appears determined to prevent the rupee from depreciating below 83

Rupee trades flat at 83.49 against US dollar during early session

The rupee traded flat at 83.49 against the US currency in the early session on Tuesday amid losses in domestic equities and easing crude oil prices. At the interbank foreign exchange market, the rupee opened flat at 83.49 against the US dollar. The local currency moved in a restricted range of 83.49 to 83.50 against the greenback in early trade. The rupee had edged up 1 paisa to close at 83.49 against the US dollar on Monday ahead of the key testimony of US Federal Reserve Chair Jerome Powell in front of Congress. Powell's testimony offered little new guidance on the US central bank's plans for when it might cut interest rates. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, eased 0.03 per cent from overnight high levels to 105.09. Brent crude, the global oil benchmark, declined 0.26 per cent to USD 84.44 per barrel in futures trade. In the domestic equity market, the 30-share BSE Sensex dropped by 143.15 points or 0.18 per c

Rupee rises 5 paise to 83.44 against US dollar as crude prices come down

The rupee appreciated 5 paise to 83.44 against the US dollar in early trade on Monday, as the American currency and crude oil prices retreated from their elevated levels. Forex traders said foreign fund inflows also aided investors' sentiments and supported the rupee. At the interbank foreign exchange market, the local unit opened at 83.45 and gained further to 83.44 against the greenback, registering a rise of 5 paise from its previous close. On Friday, the rupee settled at 83.49 against the US dollar. According to CR Forex Advisors MD Amit Pabari the Reserve Bank of India (RBI) seems determined to prevent the rupee from depreciating below 83.70. Even with pressure from oil companies due to elevated oil prices. "Overall, positive economic indicators such as a good growth rate, stable inflation, a reduced fiscal deficit, record-high RBI forex reserves, and a pipeline of inflows are all supportive factors that should ideally bolster the rupee," Pabari said, adding that given these

Rupee rises 5 paise to 83.45 against US dollar during early trade

The rupee appreciated 5 paise to 83.45 against the US dollar in early trade on Friday, as the American currency retreated from its elevated levels and was supported by significant foreign fund inflows. At the interbank foreign exchange market, the local unit opened at 83.48 and gained further to 83.45 against the greenback, registering a rise of 5 paise from its previous close. On Thursday, the rupee pared its initial losses and settled for the day on an almost flat note at 83.50 against the US dollar. Forex traders said rising crude oil prices weighed on investor sentiments and restricted the upside. Brent crude futures, the global oil benchmark, declined 0.37 per cent to USD 87.11 per barrel. "The pressure stems from oil marketing companies purchasing crude in anticipation of further price hikes, with Brent oil hovering around USD 87 per barrel. Additionally, it appears the Reserve Bank of India (RBI) is managing the rupee's volatility, capping both its upward and downward ...

As crude oil prices rise, rupee falls 5 paise to 83.54 against US dollar

The rupee depreciated 5 paise to 83.54 against the US dollar in early trade on Thursday, weighed down by elevated crude oil prices. Forex traders said a positive trend in domestic equities, wherein benchmark indices touched all-time high levels and significant foreign fund inflows supported the rupee and restricted the fall. At the interbank foreign exchange market, the rupee opened at 83.52 and lost further ground to trade at 83.54 against the greenback in initial deals, registering a fall of 5 paise from its previous closing level. On Wednesday, the rupee settled 1 paisa lower at 83.49 against the US dollar. "Though the equity markets are shining bright, the Indian rupee has been trading flat to weaker, despite a drop in the dollar towards 105.04 and US 10-year yields touching 4.35 per cent, post the US service PMI data and ADP non-farm employment change data were weaker than expected," CR Forex Advisors MD Amit Pabari said. According to Pabari, crude oil prices have risen neari

Rupee falls 5 paise to 83.53 against US dollar during early trade

The rupee depreciated 5 paise to 83.53 against the US dollar in early trade on Wednesday, weighed down by the strong American currency and elevated crude oil prices. Forex traders said the rupee is trading in a narrow range as US dollar buying by oil companies and Foreign Portfolio Investors (FPIs) further dented investor sentiment, while a firm trend in domestic equities supported the rupee at lower levels. At the interbank foreign exchange market, the rupee opened at 83.51 and lost further ground to trade at 83.53 against the greenback in initial deals, registering a fall of 5 paise from its previous closing level. On Tuesday, the rupee depreciated 4 paise to settle at 83.48 against the US dollar. "... Global factors such as the elevated US DXY around 105.50, the depreciation of the Yen and Yuan, and the rise in US bond yields have prevented the rupee from gaining significant strength and moving away from its multi-month low," CR Forex Advisors MD Amit Pabari said. Rupee traders

Rupee falls 12 paise to 83.56 against US dollar during early trade

The rupee depreciated 12 paise to 83.56 against the US dollar in early trade on Tuesday, weighed down by the strengthening of the American currency in the overseas markets and elevated crude oil prices. Forex traders said oil importers and foreign portfolio investors (FPIs) bought US dollars amid rising US yields, and this dragged down the local unit. At the interbank foreign exchange market, the rupee opened at 83.51 and lost further ground to trade at 83.56 against the greenback in initial deals, registering a fall of 12 paise from its previous closing level. On Monday, the rupee depreciated 10 paise to settle at 83.44 against the US dollar. The rupee had dollar inflows and rose to 83.37 on Monday, but was sold-off to 83.44 levels, as oil and FPIs bought dollars looking at rising US yields, said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP. On Tuesday, rupee is likely to touch 83.55 before cooling off to 83.45, Bhansali said, adding t

Rupee falls 9 paise to 83.43 against US dollar during early trade

The rupee depreciated 9 paise to 83.43 against the US dollar in early trade on Monday amid rising crude oil prices and outflow of foreign capital. The domestic unit, however, found support due to a softening American currency and positive equity market sentiment, forex traders said. At the interbank foreign exchange market, the local unit opened at 83.39 and lost further ground to trade at 83.43 against the greenback in initial deals, registering a fall of 9 paise from its previous closing level. On Friday, the rupee settled 11 paise higher at 83.34 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 105.30, lower by 0.23 per cent. "The US dollar eased slightly on Friday after data showed inflation subsided, reinforcing expectations of Federal Reserve rate cuts this year," said Anand James, Chief Market Strategist, Geojit Financial Services. Brent crude futures, the global oil benchmark, adva