Page 59 - Indian Rupee

Rupee depreciates 2 paise to hit lowest level of 83.15 against US dollar

The rupee fell 2 paise to hit the lowest level of 83.15 against the US dollar in early trade on Thursday amid a strong American currency and elevated crude oil prices. Forex traders said, massive selling of equities by foreign investors in the past few sessions and subdued market sentiment also put pressure on the Indian currency. Crude oil breached the level of USD 90 per barrel after oil producing countries agreed to extend supply cut till December this year, while dollar strengthened on safe-haven demand. At the interbank foreign exchange, the domestic unit opened at 83.15 against the dollar, 2 paise lower from its previous close. The unit traded in a narrow range of 83.14 to 83.16 against the greenback. On Wednesday, the rupee declined by 9 paise to close at 83.13 against the dollar. Earlier, the rupee had touched the level of 83.13 on August 21 this year. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell marginally by

Rupee to stay weak, third of analysts expect new low within a year: Poll

However, the RBI's regular interventions, which have brought foreign currency reserves below $600 billion, ensured limited depreciation

Rupee settles near all time low of Rs. 83.14 as dollar index rises

The dollar index rose to 104.86, weighing on the Indian unit. The dollar index measures the strength of the greenback against a basket of six major currencies

Factor in rupee depreciation when planning for child's education goal

Defer foreign travel plan or opt for a destination where the currency impact is less pronounced

Reserve Bank of India likely to bring in CBDC in call money market

The central bank introduced the wholesale pilot for CBDC transactions for the government bond auctions last year

Rupee depreciates 13 paise to 82.84 against US dollar in early trade

The rupee depreciated 13 paise to 82.84 against the US dollar in early trade on Tuesday amid the withdrawal of foreign funds from domestic equities and firm crude oil prices. Positive sentiment in the equity markets failed to provide support to the Indian currency facing pressure due to the elevated level of greenback, forex traders said. At the interbank foreign exchange, the domestic unit opened at 82.78, then touched the lowest level of 82.84 against the American currency, registering a decline of 13 paise over its last close. On Monday, the rupee had settled at 82.71 against the dollar. Gaurang Somaiya, forex and bullion analyst at Motilal Oswal Financial Services, said, "Volatility in rupee remained low following lack of cues on the domestic as well as global front." In the next couple of sessions, services PMI number from major economies will likely trigger a move for the rupee. "Today, the focus will be on the services PMI number that will be released from the Euro zone an

IDFC First Bank makes digital rupee app interoperable with UPI QR codes

IDFC First Bank on Monday announced the integration of UPI QR codes with its Central Bank Digital Currency (CBDC) app aimed to enhance the adoption of digital rupee and boost its utilisation. Being one of the banks that are a part of RBI's CBDC initiative for retail users, this new feature will simplify payment acceptance for merchants, enabling them to seamlessly accept payments made with digital rupee, IDFC First Bank said in a statement. Moreover, it said, individuals can effortlessly make payments using digital rupee through existing UPI QR codes at various merchants. The UPI interoperability feature will dramatically enhance the adoption of CBDC across the country, IDFC First Bank executive director Madhivanan Balakrishnan said. The digital rupee is an initiative by the Reserve Bank of India launched last year. This digital form of legal tender is issued by the central bank and shares the essential attributes of physical currency, such as trustworthiness, security, and ...

Rupee depreciated 15 paise to 82.77 against US dollar amid firm oil prices

The rupee depreciated 15 paise to 82.77 against the US dollar in early trade on Monday as firm crude oil prices weighed on investor sentiments. At the interbank foreign exchange, the domestic unit opened at 82.71, then touched 82.77, registering a decline of 15 paise over its last close. On Friday, the rupee had settled at 82.62 against the dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell marginally by 0.06 per cent to 104.17. "This week, services PMI and factory orders number from the US will be important to watch. Better-than-expected data could lift the dollar further higher," said Gaurang Somaiya, forex and bullion analyst, Motilal Oswal Financial Services. Somaiya further said,"We expect the USDINR (Spot) to trade sideways with a negative bias and quote in the range of 82.30 and 82.80." Brent crude futures, the global oil benchmark, rose 0.01 per cent to USD 88.56 per barrel on tighter supply outlook. In the

Rupee settles off-highs as oil companies buy dollars in domestic market

However, the rupee gave up early gains as oil companies bought dollars in the domestic market after Brent crude oil rose to $87 per barrel in international markets

Rupee depreciates by 0.6% in August on the back of weakening Chinese yuan

The rupee settled at Rs. 82.79 per US dollar on Thursday

Rupee appreciates marginally to 82.62 against US dollar in early trade

The rupee traded in a narrow range and appreciated by 1 paise to 82.62 against the US dollar in early trade on Thursday amid a positive trend in the domestic equity market. Outflow of foreign funds and relatively higher crude prices weighed on the domestic unit, according to forex traders. Investors are also awaiting the GDP data for the first quarter of the current fiscal that will be released later in the day. At the interbank foreign exchange, the domestic unit opened at 82.65 and traded between the peak of 82.58 and the lowest level of 82.73 against the greenback. Later, the rupee was trading at 82.62 against the dollar, registering a gain of 1 paise from its previous close. On Wednesday, the rupee closed at 82.63 against the dollar. The latest US data indicated that the pace of employment growth was less than expected in August, raising hopes for easing of interest rates by the Federal Reserve. Gaurang Somaiya, forex and bullion analyst at Motilal Oswal Financial Services,

Rupee appreciates 7 paise to 82.73 against US dollar in early trade

The rupee rose by 7 paise to 82.73 against the US dollar on Wednesday amid a positive sentiment in equity markets. Rising crude oil prices and strengthening dollar, however, weighed on the Indian currency, according to forex traders. At the interbank foreign exchange, the domestic unit opened stronger at 82.67 and hit the level of 82.74 against the greenback. Later, the rupee was trading at 82.73 against the dollar, registering a gain of 7 paise from its previous close. On Tuesday, the rupee closed at 82.80 against the US dollar. "Yesterday, in the latter part of the day, dollar fell sharply and that led to gains not only in major crosses but also in commodities," Gaurang Somaiya, Forex and Bullion Analyst at Motilal Oswal Financial Services, said. On the domestic front, GDP numbers will be important to watch and better-than-expected numbers could support the rupee, he said. GDP numbers are scheduled to be released on Thursday. Meanwhile, the dollar index, which gauges the green

As India pushes to make rupee international, UCO Bank is in a sweet spot

State-owned lender aims to use its experience in facilitating trade with Iran

Rupee appreciates 12 paise to 82.52 against US dollar in early trade

The rupee was trading in a narrow range and appreciated by 12 paise to 82.52 against the US dollar in early trade on Monday, tracking positive Asian peers and domestic equities. Forex traders said the rupee is trading in a range as selling pressure by foreign investors dented sentiments, while easing crude oil prices cushioned the downside. At the interbank foreign exchange, the domestic unit opened at 82.58, then touched a high of 82.52 against the American currency, registering a rise of 12 paise over its last close. In initial trade, the rupee also touched a low of 82.59 against the American currency. On Friday, the rupee declined by 8 paise to settle at 82.64 against the US dollar. "After a not too hawkish Powell in Jackson Hole Symposium on Friday risk assets were all up as Dow Jones Rose by 247 points and Asian stocks were also up," said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP. Bhansali further said the rupee has gained slig

Rupee, govt bonds seen steady as Jerome Powell's remarks factored in

The yield on the benchmark 10-year bond closed at 7.20 per cent on Friday

Rupee appreciates by 25p to settle at three week high of Rs 82.69

The local currency had hit the all-time low closing level of 83.15 per US dollar on Thursday on the back of rise in US Treasury yields

Rupee appreciates 7 paise to 83.06 against US dollar in early trade

The rupee recovered from its all-time low levels and appreciated by 7 paise to 83.06 against the US dollar in early trade on Tuesday, as the American currency retreated from its elevated levels. Forex traders said the rupee is trading in a narrow range as selling pressure by foreign investors dented sentiments, while the weak tone in US dollar and positive domestic markets cushioned the downside. At the interbank foreign exchange, the domestic unit opened at 83.07, then touched a high of 83.06 against the American currency, registering a rise of 7 paise over its last close. On Monday, the rupee depreciated by 3 paise and settled for the day at an all-time low of 83.13 against the US dollar. "Rupee in the last one week has witnessed quite a bit of action but in the last couple of sessions it is consolidating in a narrow range and volatility has been low," said Gaurang Somaiya forex and bullion analyst, Motilal Oswal Financial services. Somaiya further added that the US dollar too i

Rupee outperforms its EM Asia peers even as it approaches record low

The improved economic fundamentals are why the currency is largely holding its own against the dollar - it's down just 0.5 per cent this year and is Asia's third-best performer

BS Poll: Rupee expected to weaken more to touch $83.5, may improve in Sept

Weakening Yuan puts pressure; seen largely stable in 2023

Weekend Bites: E-transport, falling rupee, moon shot, and horror in court

In which we munch over the week's platter of news and views