Page 62 - Indian Rupee

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

Rupee's plunging volatility leaves foreign investors guessing RBI's moves

The RBI has added back $32 billion in reserves already this year as it absorbed foreign inflows to keep the currency steady, while its dollar forward book also climbed by around $10 billion

Rupee appreciates 21 paise to 82.38 against US dollar in early trade

The rupee gained 21 paise to 82.38 against the US dollar in early trade on Tuesday supported by a bullish trend in domestic markets and 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 82.42, then touched a high of 82.38 against the American currency, registering a rise of 21 paise over its last close. On Monday, the rupee had settled at 82.59 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 0.15 per cent to 101.81. Brent crude futures, the global oil benchmark, rose 0.54 per cent to USD 78.11 per barrel. "Markets now brace for a slew of inflation data later i

SC rejects plea against RBI permitting Rs 2,000 exchange without ID proof

The Supreme Court on Monday refused to entertain an appeal challenging the Delhi High Court verdict dismissing a PIL against the RBI notification permitting exchange of Rs 2,000 currency notes without any requisition slip and ID proof, saying it is an executive policy decision. A bench of Chief Justice D Y Chandrachud and Justice P S Narasimha dismissed the appeal filed by lawyer Ashwini Updhyay in his personal capacity. This is the matter of executive policy decision, the bench said while dismissing the appeal. On May 29, the Delhi High Court dismissed the PIL challenging the notifications enabling the exchange of Rs 2,000 denomination currency notes without any requisition slip and ID proof. The high court had said the decision was taken to avoid inconvenience to citizens, and that it cannot sit as an appellate authority on a policy decision. The high court had maintained it cannot be said that the government's decision is perverse or arbitrary or it encourages black money, mone

Who can dethrone the US dollar?

There is little conflict between dollar domination and Indian success

TMS Ep472: Data Protection Bill, Threads, markets, rupee global currency

What does the Data Protection Bill imply for privacy? Can Threads pose a real threat to Twitter? How will India Inc fare in Q1FY24? What is internationalisation of the rupee? All answers here

Rupee hits six-week low against US dollar, loses 1% against greenback

Stronger-than-expected job data firmed up expectation of further interest rate hike by the US Federal Reserve

Decoded: What is internationalisation of rupee? How will it benefit India?

What does the internationalisation of the Indian rupee mean and how will it make India a competitor of the US dollar? Decoded here

India's campaign to internationalise rupee gets off to a slow start

The Reserve Bank of India has allowed more than a dozen banks to settle trades in rupees with 18 countries since last year and is encouraging big oil exporters to accept the Indian currency

International ambitions

India should go slow on rupee internationalisation

RBI panel charts path to internationalise rupee, reduce dollar dependency

Capital account convertibility is not a pre-condition for internationalisation of rupee

RBI panel suggests steps for globalisation of rupee, inclusion in IMF's SDR

A Reserve Bank-appointed committee on Wednesday suggested a host of short-term and long-term measures for internationalisation of Indian rupee, including efforts for inclusion of the Indian currency in IMF's Special Drawing Rights (SDR) basket. SDR is an international reserve asset created by the IMF to supplement the official reserves of its member countries. It is a potential claim on the freely usable currencies of IMF members. As such, SDRs can provide a country with liquidity. A basket of currencies defines the SDR: the US dollar, euro, Chinese yuan, Japanese yen, and the British pound. The Inter Departmental Group (IDG) headed by RBI executive director R S Ratho in its report said that internationalisation is a process rather than an event, with continuous efforts to build upon all the initiatives that have been taken in the past. Suggesting short-term measures, the panel said, there is a need to design a template and adopt a standardised approach for examining the proposals o

Rupee up 4 paise at 81.87 against dollar on bullish trend in domestic mkt

The rupee gained 4 paise to 81.87 against the US dollar in early trade on Tuesday supported by a bullish trend in domestic markets and steady foreign fund inflows. However, a strong US dollar and 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 81.90 against the dollar and then rose to 81.87, registering a gain of 4 paise over its previous close, as benchmark indices touched all-time highs. In initial trade, the rupee also touched a low of 81.95 against the American currency. On Monday, the rupee closed at 81.91 against the US currency. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.03 per cent to 103.01. Brent crude futures, the global oil benchmark, advanced 0.63 per cent to USD 75.12 per barrel. Traders further said the rupee's direction will likely be influenced by the release of the Federal Open Market Committee (F

Indian rupee may inch up; RBI remains in way of large appreciation

The rupee on Monday reached a near two-month high of 81.75 on dollar offers by foreign banks, which market participants said was likely related to their custodial clients and to a one-off inflow

Rupee hits near 2-month high on dollar inflows, RBI may have stepped in

The focus this week is on the slew of important US data releases. The ISM US manufacturing data is due later in the day, followed by their services print on Wednesday

Rupee appreciates 33 paise to 81.77 against US dollar in early trade

The rupee gained 33 paise to 81.77 against the US dollar in early trade on Monday supported by sustained foreign fund inflows and bullish momentum in domestic equities as benchmark indices touched all-time highs. At the interbank foreign exchange, the domestic unit opened at 82.01 against the dollar and then rose to 81.77, registering a gain of 33 paise over its previous close. On Friday, the rupee closed at 82.10 against the US currency. Forex traders said the rupee is trading on a positive note on significant foreign fund inflows and positive macro economic indicators. According to Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP, the rupee is likely to trade in the range of 81.90 to 82.20 during the day. "... Rupee looks to remain in the above range as Macro data from India comes out much better than most other countries. The GST figures, the core sector growth were all better than expected," Bhansali said. Foreign Portfolio Investor

Indian rupee may struggle on more Fed rate hike bets, US yields surge

Non-deliverable forwards indicate rupee will open at around 82.08 to the US dollar compared with 82.0550 in the previous session

Rupee gains 5 paise to 81.97 against US dollar on foreign fund inflows

The rupee strengthened by 5 paise to 81.97 against the US dollar in early trade on Wednesday on foreign fund inflows and gains in domestic equities. The currency opened higher by 2 paise at 82 at the interbank foreign exchange market and moved in a tight range of 82.01 to 81.97 in early trade. The rupee was trading at 81.97 against the US dollar at 9.35 am, registering a gain of 5 paise over the previous close of 82.02. Foreign portfolio investments into equities and overnight losses in the US dollar in global markets boosted the rupee sentiment in early trade, analysts said. The dollar index, which gauges the greenback's strength against a basket of six currencies, was almost flat at 102.58. Global crude oil benchmark Brent crude was trading 0.69 per cent higher USD 72.76 per barrel. In the domestic equity market, the 30-share BSE Sensex advanced by 199.06 points or 0.31 per cent to 63,615.09 points while the broader Nifty gained 62.75 points to 18,880.15 points. Foreign Portfo

Rupee trades almost flat at 81.95 against US dollar in early trade

The rupee traded almost flat at 81.95 against the US currency in the opening trade on Monday amid gains in local stocks and losses in the dollar against major rivals in global markets. The domestic currency opened lower by 4 paise at 82.00 against the dollar at the interbank foreign exchange market. The currency moved in a narrow range before trading at 81.95 against the greenback, appreciating just 1 paisa compared to the closing level of 81.96 on Friday. The dollar index, which gauges the greenback's strength against a basket of six currencies, eased 0.16 per cent to 102.73. Crude oil price benchmark Brent crude was up 0.19 per cent to USD 73.99 per barrel. In the domestic equity market, the 30-share BSE Sensex rose 105.07 points or 0.17 per cent to 63,084.44 points and the broader Nifty gained 49.15 points to 18,714.65 points in early trade. Foreign Portfolio Investors (FPIs) were net sellers in the capital market on Friday as they offloaded shares worth Rs 344.81 crore, accord

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