Page 61 - Indian Rupee

Rupee continues to remain stable in July, ends flat at 82.25 a dollar

For the week ended July 21, foreign exchange reserves were at $607 billion as compared to $562 billion on December 30, 2022

Fiscal deficit for April-June at 25.3% of annual target: Govt data

Total expenditure during the period was Rs 10.51 trillion,or 23.3% of the annual goal, lower than the Rs 9.48 trillion in the same period last year

Rupee appreciates 10 paise to 81.91 against US dollar in early trade

The rupee gained 10 paise to 81.91 against the US dollar in early trade on Thursday tracking the weakness of the American currency in the overseas market, after the US Fed raised interest rates on expected lines. Forex traders said a positive trend in domestic equities and foreign fund inflows also aided the local unit. However, a surge in crude oil prices capped sharp gains for the local unit, they said. At the interbank foreign exchange, the domestic unit opened at 81.92, then touched a high of 81.91 against the American currency, registering a rise of 10 paise over its last close. On Wednesday, the rupee had settled at 82.01 against the dollar. "As Fed Chairman Jerome Powell said that there could be another rate hike in September, markets anticipated that Fed's rate hike cycle is coming to an end and pulled dollar down as dollar index fell to 100.74 down from 101.65 it hit earlier in the week," said Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury .

First Rupee trade shipment from Bengal's Petrapole border to Bangladesh

The first Rupee trade shipment from West Bengal's Petrapole border to Bangladesh took place on Tuesday, an official said. Petrapole, located in North 24 Parganas, is the major land port for bilateral trade with the neighbouring country. The Indian government has been promoting Rupee trade with several countries to save forex, aiming at reducing dependence on the US Dollar and strengthening regional currency and trade. This will have a similar impact on the neighbouring country. "It was a shipment of vehicle chassis from Tata Motors, and the value of the shipment is Rs 1.23 crore," said Kamlesh Saini, the manager of the Land Ports Authority of India (ICP Petrapole), speaking to PTI. "This shipment is in Indian Rupees, and it will give further fillip to exports," he said. Banks in Bangladesh and India have been given permission to open nostro accounts. It is an account in a bank of another country for the purpose of foreign currency transactions. Earlier this month, at the Rupee t

RBI permits banks to open vostro accounts from 22 nations for rupee trade

The Reserve Bank has permitted 20 banks operating in the country to open 92 Special Rupee Vostro Accounts (SRVAs) of partner banks from 22 countries as part of efforts to promote bilateral trade in local currencies, the government said on Wednesday. In a written reply to Lok Sabha, Minister of State for Commerce and Industry Som Parkash also informed that an MoU has been signed between the Reserve Bank of India (RBI) and the Central Bank of UAE on July 15. This would enable exporters and importers to invoice and pay in their respective domestic currencies enabling the development of a bilateral foreign exchange market. As on July 23, 20 banks in India have been permitted to open SRVAs of partner banks from 22 countries, including Bangladesh, Belarus, Botswana, Fiji, Germany, Guyana and Israel. Other countries are Kazakhstan, Kenya, Malaysia, Maldives, Mauritius, Myanmar, New Zealand, Oman, Russia, Seychelles, Singapore, Sri Lanka, Tanzania, Uganda, and United Kingdom. Meanwhile, .

Rupee snaps 3-day winning run on RBI intervention, importer hedging

The one-year dollar-rupee implied yield rose four bps to 1.73%, amid the RBI's possible intervention in the forwards market

Rupee rises as Asian currencies appreciate, foreign inflows continue

The rupee opened at 81.71 per US dollar, tracking the rise in Asian currencies. The yuan fell to CNY 7.13, compared to 7.21 on Monday at the close of the Indian foreign exchange market

Rupee hits at 11-week high against US dollar on strong FPI inflows

The impact of a rise in the dollar index was offset by the overall positive sentiment due to steady inflows, observe dealers. The Indian unit settled at Rs 82.01 per dollar on Friday

Intent to not lag China is behind moves to promote INR trade

The linking of 'card switches' will facilitate mutual acceptance of domestic cards and processing of card transactions

Sri Lanka may accept Indian rupee for local transactions, says FM Sabry

Sri Lanka is considering the possibility of allowing the usage of the Indian rupee for local transactions just like the dollar, euro and yen to facilitate Indian tourists and businessmen, Foreign Minister Ali Sabry said on Saturday. Sabry was briefing the media here on President Ranil Wickremesinghe's visit to India on July 20-21, his first since assuming office last year. He held talks with Prime Minister Narendra Modi on Friday. We have considered the possibility of using the Indian rupees like we accept the dollar, euro and yen," he said. Allowing its direct use would prevent the need for multiple currency conversions for Indian tourists and businessmen. On Friday, the two countries noted that the decision to designate INR as currency for trade settlements between the two countries has forged stronger and mutually-beneficial commercial linkages, and agreed to operationalise the Unified Payments Interface-based digital payments for further enhancing trade and transactions between

Strong foreign inflows buoy rupee, government bonds reverse losses

The index measures strength in the Greenback against a basket of six major currencies

Rupee falls 12 paise to 82.05 as domestic equities weighed on sentiments

The rupee depreciated 12 paise to 82.05 against the US dollar in early trade on Friday as a negative trend in domestic equities and firm crude oil prices weighed on investor sentiments. At the interbank foreign exchange, the domestic unit opened at 82.03, then touched 82.05, registering a decline of 12 paise over its last close. On Thursday, the rupee had settled at 81.93 against the dollar. As inflows dominate and the Reserve Bank of India (RBI) continues to hold US dollar near 81.90, the rupee is likely to remain range-bound, said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP. Bhansali further said, "the important aspect to be watched is the Federal Open Market Committee (FOMC) on July 26, where the 'US FED speak' will be closely watched." The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.09 per cent to 100.78 on good retail sales data from the US. Brent crude futures, the global oil .

Rupee rises 6 paise to 82.02 against dollar due to steady foreign inflows

The rupee gained 6 paise to 82.02 against the US dollar in early trade on Thursday supported by steady foreign fund inflows. However, a surge in crude oil prices capped sharp gains for the local unit, forex traders said. At the interbank foreign exchange, the domestic unit opened at 82.05, then touched a high of 82.02 against the American currency, registering a rise of 6 paise over its last close. On Wednesday, the rupee had settled at 82.08 against the dollar. Softness in the US dollar and sustained FII inflows supported the rupee, forex traders said, adding that the strength in crude oil prices remains a concern for the local unit, as a sharp surge in prices could limit its gains. Participants in the rupee and dollar markets are eagerly awaiting cues from the upcoming Federal Reserve rate decision next week, traders said. The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.22 per cent to 100.06. Brent crude futures, the global oi

Rupee settles flat at 82.03 against dollar, supported by positive equities

The rupee consolidated in a narrow range and settled flat at 82.03 (provisional) against the US dollar on Tuesday, as the support from positive domestic equities and weak American currency was negated by rising crude oil prices. Market participants remained cautious ahead of retail sales data from the US and the UK's inflation data this week, forex traders said. At the interbank foreign exchange market, the rupee opened at 82.01 against the US dollar and finally settled at 82.03 (provisional), unchanged from its previous close. During the session, the domestic unit witnessed an intra-day high of 81.97 and a low of 82.07. In the previous session on Monday, the rupee had closed at 82.03 against the dollar. The rupee traded with a slight positive bias on a soft dollar and bullish domestic markets. Domestic markets hit new record highs which boosted the local currency. The US dollar has declined to a 15-month low on rising expectations of just one more rate hike by the US Federal Res

India and Indonesia plan local currency trade, fast payments links

The proposed agreements with Indonesia comes as India inked similar pacts with the United Arab Emirates over the weekend, which will see more trades done in rupees and dirhams

Q1 earnings, global trends, FII activity to guide mkts this week: Analysts

Domestic equity markets, which are at record high levels, will be driven by quarterly earnings, global trends and foreign fund movement, analysts said. The movement of rupee and global oil benchmark Brent crude will also be tracked by investors. "The direction of global stock markets, fluctuations in the rupee-to-dollar exchange rate, and movement in crude oil prices will all play a crucial role in influencing the overall market trend. It is important to consider these factors alongside domestic developments," said Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd. Institutional activity will also have a significant impact on market trends, Gour added. Among major earnings to be announced this week are from Central Bank of India, HDFC Bank, IndusInd Bank, Hindustan Unilever, Infosys, Ashok Leyland, DLF, JSW Steel, Hindustan Zinc and Reliance Industries. "Global and domestic cues, upcoming quarterly earnings, FII (Foreign Institutional Investors) and DII (Domestic ...

Rupee-UAE dirham trade mechanism may launch during PM Modi's visit

Sources said on Friday that India would use the mechanism to pay for oil as well as other imports from the UAE, its fourth largest oil supplier in the year to March

Rupee weakens despite fall in dollar index as RBI stepped by buying

The dollar index measures the strength of the US dollar against a basket of six major currencies

Rupee, govt bonds gain after lower-than-expected US inflation data

However, the Indian unit gave up some early gains as importers bought dollars for oil companies, dealers said

Rupee appreciates 16 paise to 82.25 against US dollar as it weakens

The rupee gained 16 paise to 82.25 against the US dollar in early trade on Wednesday as weakness of the American currency in the overseas market and steady foreign fund inflows supported investors' sentiment. However, a surge in crude oil prices capped sharp gains for the local unit, forex traders said. At the interbank foreign exchange, the domestic unit opened at 82.29, then touched a high of 82.25 against the American currency, registering a rise of 16 paise over its last close. On Tuesday, the rupee had settled at 82.41 against the dollar. Softness in the US dollar and sustained FII inflows supported the rupee, forex traders said adding that the strength in crude oil prices remains a concern for the rupee, as a sharp surge in prices could limit its gains. The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.30 per cent to 101.42. Brent crude futures, the global oil benchmark, rose 0.20 per cent to USD 79.56 per barrel. Traders sa