Page 47 - Indian Rupee

Rupee logs steepest fall in two years, hits record low of 86.58/$

The rupee weakened to 86 per dollar from 85 in just 16 trading sessions. In contrast, its movement from 84 to 85 took 46 working days, while the shift from 83 to 84 happened in 478 days

Rupee among the world's most stable currencies: BJP counters Cong's claims

The BJP on Monday said the rupee is among the "most stable" currencies in the world and slammed the Congress for painting a "grim picture" of the fall in its value against the US dollar. India's improved external position, reduced current-account deficit and strong foreign exchange reserves have made the rupee one of the most stable currencies globally, BJP's IT cell head Amit Malviya said in a post on X. Over the last year, the rupee depreciated by a modest 3.68 per cent, outperforming major currencies like the Japanese Yen and Korean Won, which fell by 9 per cent to 12 per cent during the same period, even as the US Dollar Index surged by 9.8 per cent, Malviya said. "So, the next time someone paints a grim picture of the Indian rupee, remind them of its disastrous performance under the UPA and the remarkable turnaround under the Modi government," he added. The reaction of the Bharatiya Janata Party (BJP) leader came after the Congress took a swipe at Prime Minister Narendra Modi

Rupee down 27 paise at record low of 86.31 against US dollar in early trade

The rupee's slide show went on for the second straight session on Monday as it crashed 27 paise to hit a new lifetime low of 86.31 against the US dollar, dragged down by a robust American currency amid volatile global cues. A record surge in crude oil prices, sustained outflow of foreign capital, and a negative trend in domestic equity markets also kept the Indian currency under pressure, forex traders said. The dollar, they said, strengthened on better-than-expected job growth in the US market, which also fuelled the benchmark treasury yields amid expectations of slower interest rate cut by the Federal Reserve. At the interbank foreign exchange, the rupee opened at 86.12 and fell to the historic low level of 86.31 against the greenback in initial deals, registering a steep loss of 27 paise from its previous close. On Friday, the rupee declined 18 paise to settle at 86.04 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of

Rupee hits new low of 85.97/$; forex reserves drop further to $634 billion

The local currency edged higher by 3 paise on Friday against the previous low of 85.94 recorded on Thursday

Rupee hits 86 against US dollar for the first time, closes 14 paise lower

The rupee declined 14 paise and touched the crucial 86.00-mark (provisional) for the first time against the US dollar on Friday as it failed to resist pressure from a stronger American currency and huge outflow of foreign funds. Surging crude oil prices overseas and negative sentiment in domestic equity markets also weighed down the Indian currency, forex traders said. Also, dollar strengthened on increased demand amid the anticipation of restrictive trade measures by the new US administration after Donald Trump takes over as president on January 20. At the interbank foreign exchange, the rupee opened at 85.88, hit the intra-day peak of 85.85 before settling at the lowest-ever level of 86.00 (provisional) against the greenback, 14 paise lower from its previous close. On Thursday, the rupee gained 5 paise to settle at 85.86 against the US dollar, recovering from the steep decline of 17 paise in the preceding session. Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan, said t

Will Trump 2.0 aid India Inc earnings? Subhash Chand of SMC Global answers

Subhash Chand Aggarwal, chairman & MD, SMC Global Securities says Trump's return may provide several benefits to India due to trade tensions between US and China

Volatile currency: Fall in rupee win some, lose some for auto industry

While exporters benefit, import-dependent firms expected to struggle

Rupee's slide may continue despite higher rate cut expectations: Survey

The rupee is currently overvalued by 8 per cent compared to its trading peers, according to RBI data on the real effective exchange rate

Rupee falls 1 paisa to record low of 85.92 against US dollar in early trade

The rupee slipped 1 paisa to its record low of 85.92 against the US dollar in early trade on Thursday, the third straight session of downfall, weighed down by a stronger American currency and higher crude oil prices. Forex traders said the relentless outflow of foreign funds amid soaring US bond yields boosted the American currency, while subdued domestic equity markets pushed the rupee down further. At the interbank foreign exchange, the rupee opened at its historic low level of 85.94 and inched up to 85.92 against the greenback in initial deals, trading with a loss of 1 paisa from its previous close. On Wednesday, the rupee plunged 17 paise to settle at its all-time low closing level of 85.91 against the dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.11 per cent lower but stayed elevated at 108.80. The 10-year US bond yields also remained elevated at 4.66 per cent amid expectations of delayed interest

Rupee hedging costs in Indian assets highest since 2022 on bearish bets

Dollar-rupee three-month offshore forward points, the cost of locking in forward dollar purchases, are hovering near the highest since November 2022 reached last week

Softening base metal prices cushion rupee fall for consumer durables makers

In the last three months, the rupee has depreciated 2.2 per cent against the dollar, which typically hurts consumer durable companies.

Rupee depreciates 9 paise to hit record low of 85.83 against US dollar

The rupee depreciated 9 paise to hit its record low of 85.83 against the US dollar in early trade on Wednesday as strengthening American currency and higher crude oil prices continued to play spoilsports even as the government lowered the country's economic growth projection. According to analysts, subdued domestic equity markets also weighed on the Indian currency even as better growth prospect in the US economy fuelled the expectations of delayed interest rate cut by the Federal Reserve, leading to a record rise in the US Treasury yields as well as dollar demand. The latest government data released on Tuesday showed India's economic growth rate is estimated to slip to a four-year low of 6.4 per cent in 2024-25 due to poor show by the manufacturing and services sectors. The Gross Domestic Product (GDP) growth at 6.4 per cent will be the lowest since the Covid year (2020-21) when the country witnessed a negative growth of 5.8 per cent. It was 8.2 per cent in the last fiscal ended ..

RBI Guv Malhotra faces calls to unshackle rupee amid surging dollar

Sanjay Malhotra, the new governor, hasn't spelled out his policy stance on the rupee. Yet, there are signs he may allow the currency to fluctuate more naturally

Rupee settles 5 paise lower at 85.73 against dollar on higher crude price

The rupee fell 5 paise to settle at 85.73 (provisional) against the US dollar on Tuesday, as higher crude oil prices and outflow of foreign funds continued to weigh on the local unit. Forex traders said the rupee pared some of its intraday losses as the American currency retreated from its elevated levels. Moreover, the recovery in the domestic equity market also aided sentiments. At the interbank foreign exchange, the rupee opened at 85.77, touched the day's peak of 85.65 and hit an intraday low of 85.80 against the greenback. The unit settled at 85.73 (provisional) against the dollar, registering a fall of 5 paise from its previous close. On Monday, the rupee settled 11 paise higher at 85.68 against the dollar. During intraday, the unit had hit the lowest-ever level of 85.84 against the American currency. "We expect the rupee to trade with a negative bias on FII outflows and underlying strength in the US dollar amid expectations of no rate cut by Fed in January. However, any ...

Rupee depreciates 7 paise to 85.75 against US dollar in early trade

The rupee depreciated 7 paise to 85.75 against the US dollar in early trade on Tuesday, dragged down by a strong American currency and sustained outflow of foreign funds. The Indian currency, however, capped the fall on the back of some recovery in domestic equity markets and receding crude oil prices overseas, forex traders said. At the interbank foreign exchange, the rupee opened at 85.77, slipped to 85.80 before trading again at 85.75 against the greenback in initial deals, 7 paise lower from its previous close. On Monday, the rupee settled 11 paise higher at 85.68 against the dollar. During intraday, the unit had touched the lowest level of 85.84 against the American currency. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.09 per cent lower at 108.09. Brent crude, the global oil benchmark, declined 0.05 per cent to USD 76.26 per barrel in futures trade. In the domestic equity market, the 30-share BSE Sensex

Rupee falls to new low of 85.83 as dollar hovers near two-year high

The local currency settled at Rs 85.78 per dollar on Friday

Textile hub Tiruppur threads a recovery on sliding rupee as exports surge

What's driving this surge? Partly, it's the rupee's depreciation versus the dollar, down nearly 3 per cent in 2024, which has made India's exports more attractive on the global stage

Rupee falls 4 paise to close at new record low of 85.83 against dollar

The rupee declined 4 paise to settle at a fresh record low of 85.83 (provisional) against the US dollar on Monday, amid a steep fall in domestic equity markets and unabated outflow of foreign capital. Forex traders said the surging US bond yields and concern over HMPV virus outbreak triggered a US dollar chase due to its safe-haven appeal. At the interbank foreign exchange, the rupee opened at 85.77 and touched the lowest-ever level of 85.84 against the greenback in intraday trade. The unit finally settled at its record low closing level of 85.83 (provisional), registering a fall of 4 paise from its previous close. On Friday, the rupee depreciated 4 paise to close at 85.79 against the dollar. Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan, said the rupee touched a fresh record low amid weak tone in the domestic markets and persistent FII outflows, while rising US bond yields and worries over HMPV virus scare also weighed on the rupee. "However, a soft US dollar and any

Rupee to stay under pressure as traders eye RBI's defence of 85.80

The 1-month non-deliverable forward indicated that the rupee will open flat-to-slightly-lower from its closing level of 85.77

Weakening rupee may not be shot in the arm for India's pharma exporters

The rupee has been hovering above Rs 85 mark vis-a-vis the US dollar in the recent past