Page 56 - Indian Rupee

Rupee appreciates 2 paise to 83.35 against US dollar in early trade

The rupee appreciated 2 paise to 83.35 against the US dollar in early trade on Wednesday, amid a bullish trend in domestic equities and sustained foreign fund inflows. Forex traders said investors remained on the sidelines ahead of the Reserve Bank of India's monetary policy decision later this week. At the interbank foreign exchange, the rupee opened 2 paise higher at 83.35 against the dollar as domestic benchmark indices touched new lifetime peaks. On Tuesday, the rupee settled at 83.37 against the dollar. "The RBI's policy, commencing on Tuesday with a decision due on Friday, will be closely monitored," CR Forex Advisors MD Amit Pabari said. The Reserve Bank is likely to maintain the status quo on the short-term interest rate in its monetary policy review. RBI Governor Shaktikanta Das-headed Monetary Policy Committee (MPC) is scheduled to begin its three-day deliberations on December 6. Das would unveil the decision of the six-member MPC on December 8. Meanwhile, the dollar i

Rupee see-saws in thin band, likely because RBI offsets corporate dollar

The RBI sold dollars near the start of the spot trading session and also intermittently stepped in during the day, traders said

India's forex reserves rise to near three-month high of $597.94 billion

The reserves rose by $2.5 billion in the reporting week, after rising $5.1 billion in the week before

Rupee closes at new low of 83.39/$; worst performer among Asian currencies

The previous all-time closing low for the rupee was 83.35 a dollar on November 20. The rupee had hit a record low of 83.48 (intraday) against the dollar on November 10

Rupee rises 2 paise to settle at 83.32 against US dollar on FII inflows

The rupee appreciated by 2 paise to close at 83.32 against the US dollar on Wednesday in its second straight day of gains following FII inflows into capital markets and strong stocks rally. A weak American currency against major rivals supported the domestic unit while an upward movement in crude oil prices ahead of the crucial meeting of oil-producing countries capped the gain in the rupee, forex traders said. At the interbank foreign exchange, the rupee opened stronger at 83.30 against the dollar and traded between the peak of 83.28 and the lowest level of 83.33 intra-day. It finally settled at 83.32 against the greenback, up 2 paise over its previous close. On Tuesday, the rupee rebounded from record low levels and settled 6 paise higher at 83.34 against the US dollar. Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas, said Indian rupee appreciated on positive domestic markets and foreign institutional investors inflows over the past three consecutive sessions. "Dome

Rupee appreciates by 2 paise to 83.30 against US dollar in early trade

The rupee edged up by 2 paise to 83.30 against the US dollar in opening trade on Thursday amid a correction in crude oil prices and gains in local equities. The US currency also weakened against its major global rivals which supported the rupee sentiment despite FII outflows, forex dealers said. At the interbank foreign exchange market, the local unit opened at 83.30 against the US dollar, showing a rise of 2 paise over the last close. The unit had closed at 83.32 on Wednesday. The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.17 per cent down at 103.74. The greenback had strengthened on Wednesday after the Fed meeting minutes suggested a hawkish tone of the Federal Open Market Committee (FOMC). Brent crude futures, the global oil benchmark, fell 1.45 per cent to USD 80.77 per barrel. On the domestic equity market front, Sensex rose by 145.86 points or 0.22 per cent to 66,169.10 points in early trade. The Nifty50 advanced 48.

Rupee volatility low, exhibits orderly movements relative to peers: RBI Guv

Reserve Bank of India Governor Shaktikanta Das on Wednesday said the rupee has witnessed "low volatility" and orderly movements as compared to its peers. Speaking at the annual FIBAC event, Das said household inflation expectations are becoming more anchored, but added that headline inflation is vulnerable to recurring and overlapping food price shocks. It can be noted that the rupee closed at an all-time low of 83.35 against the dollar on Monday, but gained some lost ground in Tuesday's trade. On the exchange rate front, the Indian rupee (INR) has exhibited low volatility and orderly movements relative to peers despite elevated US treasury yields and a strong US dollar, Das said. He said this is courtesy the strength of the underlying macro-fundamentals of our economy and the reassuring forex buffers. In the last three or four days, the US DXY (dollar index) has slightly softened and treasury yields in the US have also softened. Crediting RBI's rate hikes, liquidity tightening m

Rupee appreciates 6 paise to 83.32 against US dollar in early trade

The rupee recovered from its all-time low levels and appreciated 6 paise to 83.32 against the US dollar in morning trade on Tuesday, tracking the weakness of the American currency in the overseas market and positive domestic equities. Forex traders said the rupee fell to fresh record lows on Monday despite broad weakness in the dollar against its major crosses on suspected importer-related buying. At the interbank foreign exchange, the rupee opened at 83.33, then touched 83.32 against the American currency, higher by 6 paise over its previous close. On Monday, the rupee declined by 12 paise to settle at its all-time low of 83.38 against the US dollar. Investors will focus on the existing home sales data from the US and weaker-than-expected numbers could keep the dollar weighed down. We expect the USDINR (Spot) to trade sideways and quote in the range of 83.05 and 83.40, Gaurang Somaiya, forex and bullion analyst at Motilal Oswal Financial, said. Meanwhile, the dollar index was tra

Rupee hits fresh closing low of 83.35/$ despite dollar index dip

The 10-year benchmark yield settled at 7.22 per cent on Friday

Rupee reaches 83.25 against US dollar after fall of 2 paise in early trade

The rupee slipped by 2 paise to 83.25 against the US dollar on Friday as a firm greenback in the overseas markets weighed on investor sentiments. At the interbank foreign exchange market, the rupee opened flat at 83.23 against the US currency following overnight losses in crude oil prices. However, a firm US dollar and weak domestic equity markets restricted the rupee movement and the local currency edged lower by 2 paise to 83.25 in early trade. The rupee closed at 83.23 against the greenback on Thursday. The dollar index, which gauges the greenback's strength against a basket of six currencies, was flat at 104.35. Brent crude futures, the global oil benchmark, recovered from overnight losses to trade higher by 0.40 per cent at USD 77.73 per barrel. Indian basket oil futures were down 0.85 per cent at USD 83.09 per barrel. Brent crude futures for December delivery plunged up to 5 per cent to a four-month low of USD 77.42 per barrel on Thursday as weak jobs data from the US led t

Rupee appreciates 32 paise to 83.01 against US dollar in early trade

The rupee appreciated 32 paise to 83.01 against the US dollar in morning trade on Wednesday as the American currency retreated from its elevated levels after US inflation came lower than expected. Forex traders said the rupee opened on a bullish note as the American currency weakened after US Inflation eased to its lowest level since September 2021. Moreover, a positive trend in domestic equities boosted investor sentiments. At the interbank foreign exchange, the rupee opened at 83.03, then touched 83.01 against the American currency, higher by 32 paise over its previous close. On Monday, the rupee declined by 5 paise to settle at its all-time low of 83.33 against the American currency. The forex and equity markets were closed on Tuesday on account of Diwali-Balipratipada. From an all-time low it marked last week amid the system outrage, the rupee is trading at nearly a two-month high around 83.00 levels, CR Forex Advisors MD Amit Pabari said. A breakdown below 82.95 will push t

Samvat 2080: Start of a new year signals better prospects for bonds, rupee

Foreign inflows expected after index inclusion; rate cuts on the horizon

Rupee little changed as RBI support aids, inflation data in focus

While state-run banks were supplying dollars in the spot market even on Monday, traders said it was difficult to ascertain whether it was for their clients or for the RBI

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

Samvat 2079: Bond yields soften, rupee stable despite falling to fresh lows

Domestic bond yields were relatively less volatile compared to the US treasury bond yields, as the market was driven by investors rather than traders

Rupee expected to trade near record lows despite economic growth: Experts

India's economy is expected to expand 6.3% this fiscal year, the fastest-growing major economy in the world. But the rupee is not reflecting that optimism.

Demand for 50-year government bond seen firm from insurance firms

Rupee and bond gain post dovish stance by FOMC

Rupee hits fresh closing low of 83.29 due to rise in dollar index

The previous all-time closing low for the rupee was 83.28 on October 16

Rupee depreciates 6 paise to 83.23 against US dollar in early trade

The rupee stayed on downward track for the third consecutive session and depreciated by 6 paise to 83.23 against the US dollar in early trade on Thursday, tracking a firm American currency and negative equity market sentiment. Forex traders said the Indian currency was also pressured due to massive selling of equities by foreign investors even as the crude oil prices hovered close to USD 90 a barrel amid geopolitical tensions in the Middle East. At the interbank foreign exchange market, the local unit opened weak at 83.19 and then touched the lowest level of 83.23 against the greenback, registering a loss of 6 paise from its previous close. This is the third day of fall in the rupee. It dropped 4 paise on Monday, followed by a dip of 1 paisa on Wednesday. Forex markets were closed on Tuesday on account of Dussehra. On Wednesday, the rupee closed at 83.17 against the US dollar. Analysts attributed the strengthening dollar to a record rise in the US Treasury yields after positive dat

Option traders see RBI's grip on Rupee lasting for the rest of 2023

The rupee has weakened about 0.5 per cent this year, the least among Asia's emerging markets, thanks to inflows of nearly $18 billion and RBI intervention