Page 34 - Rupee Vs Dollar

Rupee depreciates 10 paise to 83.50 against US dollar in early trade

The rupee depreciated 10 paise to 83.50 against the US dollar in early trade on Monday, largely due to the rise in the dollar index and US yields. Forex traders said uncertainty among market players was down as Narendra Modi was sworn in as Prime Minister on Sunday for a record-equalling third term. However, the strength of the American currency in the international market weighed on the local unit. At the interbank foreign exchange market, the local unit opened at 83.48 and lost further ground to trade at 83.50 against the greenback, registering a loss of 10 paise from its previous closing level. On Friday, the rupee appreciated 13 paise to 83.40 against the US dollar. According to Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP, the rupee opened at 83.50 largely due to the rise in the dollar index and US yields. "The Reserve Bank of India (RBI) should be present protecting the rupee as existing policies of the government will continue wi

Rupee to hold above $83.50; awaits RBI policy, US non-farm payroll report

Non-deliverable forwards indicate rupee will mostly be flat from 83.4725 in the previous session

Rupee gains 7 paise to 83.44 against US dollar during early trade

The rupee recovered from the lower level and appreciated 7 paise to 83.44 against the US dollar in early trade on Wednesday, taking cues from domestic equity markets and lower crude oil prices overseas. Forex traders said the rush for value-buying triggered an uptrend in equity markets, boosting the local currency which saw a steep decline on Tuesday after the general elections results showed a less-than-expected majority for the BJP-led NDA. At the interbank foreign exchange market, the local unit opened at 83.50 and recovered some lost ground to trade at 83.44 against the greenback, registering a rise of 7 paise from its previous close. On Tuesday, the domestic currency settled at 83.51 against the dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.09 per cent higher at 104.14. Brent crude futures, the global oil benchmark, slipped 0.03 per cent to USD 77.50 per barrel. On the domestic equity market, the

Rupee appreciates 38 paise to 83.04 against US dollar in early trade

The rupee surged 38 paise to hit its three-month high level of 83.04 against the US dollar in early trade on Monday boosted by a robust sentiment in domestic equity markets on the back of strong macroeconomic data and exit poll results showing a third term for the Prime Minister Narendra Modi-led government. A weak American currency and inflow of foreign capital into domestic equities also supported the local unit, forex traders said. At the interbank foreign exchange market, the local unit opened at 83.09 and gained further to trade at 83.04 against the greenback in initial deals, registering an increase of 38 paise from its previous close. The rupee had breached the 83.00 level on March 18 this year. The local unit clocked the highest single-day rise since April 2023 when it appreciated by 42 paise. On Friday, the rupee declined 13 paise to close at 83.42 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies,

Rupee appreciates 5 paise to 83.24 against US dollar in early trade

The rupee appreciated 5 paise to 83.24 against the US dollar in early trade on Friday boosted by robust sentiment in domestic equity markets and a downward trend in the crude oil prices overseas. Forex traders said, however, strong American currency and unabated outflow of foreign capital weighed on the local unit. Also, they said market participants are expected to take cues from domestic macroeconomic data to be released later in the day. At the interbank foreign exchange market, the local unit opened at 83.25 and gained further to trade at 83.24 against the greenback in initial deals, registering an increase of 5 paise from its previous closing level. On Thursday, the rupee gained 11 paise to close at 83.29 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.13 per cent higher at 104.79. The latest US GDP data released on Thursday showed the world's largest economy grew at a slower pace of

Rupee falls 22 paise to close at 83.40 against US dollar on crude prices

The rupee settled 22 paise lower at 83.40 against the US dollar on Wednesday, tracking a negative trend in domestic equities, elevated crude oil prices, and foreign fund outflows. Forex traders said dollar demand from importers and oil marketing companies (OMCs) also weighed on the rupee. However, foreign inflows in the bond markets ahead of inclusion on India's government bonds in global bond index cushioned the downside. At the interbank foreign exchange market, the local unit opened at 83.22 and finally settled for the day at 83.40, down 22 paise from its previous close. On Tuesday, the rupee pared initial gains to settle 5 paise lower at 83.18 against the US dollar. "We expect the rupee to trade with a slight negative bias on month-end dollar demand from OMCs and importers to meet their obligations. Risk aversion in global markets and a strong US dollar may further pressurize the rupee," said Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas. However, fresh foreign

Rupee depreciates 9 paise to 83.27 against US dollar in early trade

The rupee depreciated 9 paise to 83.27 against the US dollar on Wednesday, tracking a negative trend in domestic equities and elevated crude oil prices. Forex traders said the local unit faced some resistance due to subdued sentiment in the domestic equity market and strengthening of the American currency in the overseas market. At the interbank foreign exchange market, the local unit opened at 83.22 and lost further ground to trade at 83.27 against the greenback, registering a loss of 9 paise from its previous closing level. On Tuesday, the rupee pared initial gains to settle 5 paise lower at 83.18 against the US dollar. "The Indian rupee was sold off on Tuesday as oil and probably the Reserve Bank of India (RBI) bought dollars (about USD 1 billion) to keep rupee appreciation in control before the month-end and the Lok Sabha election results," said Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP. The USD/INR pair is likely to trade with

Rupee appreciates 3 paise to 83.10 against US dollar in early trade

The rupee appreciated by 3 paise to 83.10 against the US dollar on Tuesday, tracking a positive trend in domestic equities and weakness of the American currency in the overseas market. Forex traders rupee is likely to trade with a positive bias tracking a positive trend in domestic equities and expectations of fresh foreign inflows, however, a recovery in crude oil prices may cap a sharp upside. At the interbank foreign exchange market, the local unit opened at 83.14 and gained further ground to trade at 83.10 against the greenback, registering a gain of 3 paise from its previous closing level. On Monday, the rupee pared its initial gains and settled for the day lower by 3 paise at 83.13 against the US dollar. The opening for the rupee on Tuesday was flattish and the USD/INR pair should move within a narrow range of 83.00 to 83.20, said Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP. Importers need to keep buying in dips, as the Reserve

Rupee appreciates 4 paise to 83.06 against US dollar in early trade

The rupee appreciated by 4 paise to 83.06 against the US dollar on Monday, tracking a positive trend in domestic equities, wherein benchmark indices scaled new peaks. Forex traders said the weakness of the American currency in the overseas market supported the rupee, while elevated crude oil prices in the international market restricted the upmove. At the interbank foreign exchange market, the local unit opened at 83.08 and gained further ground to trade at 83.06 against the greenback, registering a gain of 4 paise from its previous closing level. On Friday, the rupee rallied for the fourth consecutive trading session and settled with a sharp gain of 19 paise at 83.10 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 104.70, lower by 0.02 per cent. Brent crude futures, the global oil benchmark, advanced 0.19 per cent to USD 82.28 per barrel. On the domestic macroeconomic front, India's fore

Rupee appreciates 12 paise to 83.17 against US dollar in early trade

The rupee appreciated by 12 paise to 83.17 against the US dollar on Friday, tracking a bullish trend in domestic equities, wherein benchmark indices scaled new peaks. Forex traders attributed the rally to Rs 2.11 lakh crore record dividend by the RBI to the government for the fiscal ended March 31. It was more than double the budgeted expectation, helping shore up revenue ahead of a new government taking office. At the interbank foreign exchange market, the local unit opened at 83.26 and gained further ground to trade at 83.17 against the greenback, registering a gain of 12 paise from its previous closing level. The forex market was closed on Thursday on account of 'Buddha Purnima'. On Wednesday, the rupee appreciated by 2 paise to settle at 83.29 against the US dollar. After a trading holiday on Thursday, the Indian rupee was on a strong footing following a big transfer of Rs 2.11 lakh crore in the form of dividend from the Reserve Bank of India (RBI) to the Union government, whi

Rupee appreciates 7 paise to 83.24 against US dollar in early trade

The rupee appreciated by 7 paise to 83.24 against the US dollar on Wednesday amid softening crude oil prices in the international market. Forex traders said the local unit faced some resistance due to subdued sentiment in the domestic equity market and foreign fund outflows. At the interbank foreign exchange market, the local unit opened at 83.29 and inched up further to trade at 83.24 against the greenback, registering a gain of 7 paise from its previous closing level. On Tuesday, the rupee appreciated 6 paise to close at 83.31 against the US dollar. "As the rupee seems to have started aligning with its fundamentals, in the short term, one can expect the Rupee to approach levels of 83.00 to 83.10, while the medium-term target is projected to range between 82.80 to 82.50 levels," CR Forex Advisors MD Amit Pabari said. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 104.63, lower by 0.02 per cent. Brent crude ..

Rupee appreciates 4 paise to 83.47 against US dollar in early trade

The rupee was trading in a narrow range and appreciated 4 paise to 83.47 against the US dollar in early trade on Wednesday, tracking a positive trend in domestic equities. However, sustained foreign fund outflows weighed on the local unit and restricted the up move. Forex traders said with foreign investors buying US dollars and the Reserve Bank of India (RBI) selling the greenback, the USD/INR pair is expected to remain range-bound with a bit of a weakness bias. At the interbank foreign exchange market the local unit moved in a narrow range. It opened at 83.49 against the American currency and touched 83.47 in initial trade, registering a rise of 4 paise from its previous close. On Tuesday, the rupee closed at 83.51 against the American currency. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was at 104.93, lower by 0.07 per cent. Brent crude futures, the global oil benchmark, rose 0.69 per cent to USD 82.95 per barrel. Des

Rupee stable; oil firms' dollar buys, 'nervous' equities cap upside

Traders expect the central bank's interventions will keep sharp declines in the rupee at bay

Rupee appreciates 8 paise to 83.44 against US dollar in early trade

The rupee appreciated 8 paise to 83.44 against the US dollar in early trade on Thursday, as the American currency retreated from its elevated levels. Forex traders said a negative trend in domestic equities and foreign fund outflows weighed on the local unit and restricted the up move. At the interbank foreign exchange market, the local unit opened at 83.49 against the greenback. It later touched 83.44 in initial trade, registering a rise of 8 paise from its previous close. On Wednesday, the rupee stayed range-bound and settled 1 paisa lower at 83.52 against the US dollar. "Indian rupee was sold against the dollar as FPIs continued to sell stocks worth over Rs 6,000 crore on Wednesday and bought dollars keeping US dollar higher," said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP. Dollar buying could reemerge despite US dollar selling by the Reserve Bank of India (RBI) to protect the rupee, Bhansali added. Meanwhile, the dollar index, w

Indian Rupee likely to rebound to 82 per dollar on bond inflows: Fitch

The rupee is expected to appreciate to 82 per dollar by the year-end, from about 83.50 currently, said Jeremy Zook who is a director at Fitch in Hong Kong

Rupee appreciates 4 paise to 83.48 against US dollar in early trade

The rupee was trading in a narrow range against the American currency in early trade on Tuesday and appreciated 4 paise to 83.48 against the US dollar amid a positive trend in domestic equities. Forex traders said the strength of the American currency in the overseas market, elevated crude oil prices and foreign fund outflows weighed on the local unit and restricted the up move. At the interbank foreign exchange market, the local unit opened at 83.48 against the greenback, registering a rise of 4 paise from its previous close. On Monday, the rupee settled 7 paise lower at 83.52 against the US dollar. "India's enduringly strong economic fundamentals, coupled with its substantial foreign exchange reserves acting as a safety net, equip the Reserve Bank of India to effectively mitigate any downward pressure on the rupee," CR Forex Advisors MD Amit Pabari said. Moreover, substantial foreign direct investment (FDI) inflows are anticipated. The Adani Group is eyeing a USD 600 million rai

Rupee appreciates 3 paise to 83.42 against US dollar in early trade

The rupee appreciated 3 paise to 83.42 against the US dollar in early trade on Monday, supported by a firm trend in domestic equities. Forex traders said the strength of the American currency in the overseas market and foreign fund outflows weighed on the local unit and restricted the up move. At the interbank foreign exchange market, the local unit opened at 83.43 against the greenback. It later touched 83.42 in initial trade, registering a rise of 3 paise from its previous close. On Friday, the rupee inched up 1 paisa to settle at 83.45 against the US dollar. Indian rupee has not been able to make a dent against the dollar as FPIs and oil companies continue to buy US dollars and ensure it remains range bound, as RBI protects it from depreciation beyond 83.50, said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 105.16, .

Rupee rises 9 paise to 83.37 against US dollar during early trade

The rupee climbed 9 paise to 83.37 against the US dollar in early trade on Friday, tracking strong sentiment in the domestic equity markets and a weak American currency against major rivals overseas. Forex traders said the outflow of foreign funds and elevated level of crude oil prices, however, weighed on the Indian currency. At the interbank foreign exchange, the domestic unit opened strong at 83.40 and touched the intra-day peak of 83.36 against the greenback. The local unit later traded at 83.37 against the dollar in the morning deals, registering a gain of 9 paise from its previous closing level. The rupee had settled 3 paise lower at 83.46 against the dollar on Thursday. According to Gaurang Somaiya, Forex and bullion analyst, Motilal Oswal Financial Services Ltd, the dollar was weighed down against major crosses after the US Federal Reserve kept the key interest rate unchanged for the sixth consecutive time. Also, the ongoing pressures and a tight labour market indicated a

Rupee flat at 83.43 against dollar in trade as Fed keeps rate unchanged

The rupee traded on a flat note at 83.43 against the US dollar in early trade on Thursday amid a strong greenback after the American central bank decided to keep interest rate unchanged. Forex traders said that an upward movement in the crude oil prices also pressured the Indian currency. However, it found support from positive domestic equity market sentiment and inflow of foreign capital. At the interbank foreign exchange, the domestic unit opened strong at 83.41 but later slipped to its previous closing level of 83.43 against the dollar. The rupee had settled 2 paise higher at 83.43 against the dollar on Tuesday, a day after losing 7 paise on Monday. Foreign exchange market was closed on Wednesday on account of Maharashtra Day. On Wednesday, the US Federal Reserve decided to maintain the status quo on the benchmark interest rates, which was in line with the market expectations. Analysts said that market participants will keep a close watch on the US non-farm payroll data to be

Rupee depreciates 3 paise to 83.48 against US dollar in early trade

The rupee depreciated 3 paise to 83.48 against the US dollar in early trade on Tuesday amid a strong American currency against major Asian rivals and an upward movement in the crude oil prices. However, positive sentiment in the domestic equity markets and some inflow of foreign capital in the Indian equities capped the fall in the Indian currency, forex traders said. At the interbank foreign exchange, the domestic unit opened at 83.46 against the greenback and then slipped further to 83.48, registering a loss of 3 paise compared to its previous closing level. On Monday, the rupee had settled 7 paise lower at 83.45 against the US dollar. Gaurang Somaiya, Forex and bullion analyst, Motilal Oswal Financial Services Ltd, said the rupee weakened amidst rising concerns that the US Federal Reserve could delay interest rate cuts as the country's inflation stayed above the central bank's 2 per cent target. "US economy remains resilient and with a hawkish stance from the Fed, the dollar ..