Page 34 - Rupee

Rupee opens 2 paise higher at 83.95 against US dollar during early trade

Rupee rose by 2 paise to 83.95 against the US dollar in early trade on Friday amid a weaker dollar against major currencies overseas. An upward movement in the international crude oil prices, negative domestic equity markets and outflow of foreign capital capped gains in the local unit, forex traders said. At the interbank foreign exchange market, the rupee opened 1 paisa higher at 83.96 against the greenback. The domestic unit had settled 4 paise higher at 83.97 on Thursday. On Wednesday, the rupee had breached the crucial 84-mark for the second time within a month and settled 3 paise lower at 84.01 against the American currency. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was down 0.10 per cent to 100.97 points. Analysts said the American currency was trading lower as investors were awaiting cues from the US jobs data to be released later in the day. Brent crude, the international benchmark, was marginally up by 0.01 pe

Rupee inches closer to 84 against dollar on high greenback demand

Closes at new loan of 83.99/$

India's shrinking balance of payments surplus keeps rupee near record lows

RBI has been regularly intervening in the forex markets on both sides, leading to rupee holding a narrow range

Rupee rises 4 paise to 83.97 against US dollar during early trade

The rupee appreciated by 4 paise to 83.97 against US dollar in early trade on Thursday supported by weakening of the American currency in the overseas market and a positive trend in domestic equities. Forex traders said an overall drop in crude oil prices and foreign fund inflows aided investor sentiments. At the interbank foreign exchange market, the local unit opened at 83.98, then inched further to touch 83.97, registering a rise of 4 paise from its previous close. On Wednesday, the rupee breached the crucial 84-mark for the second time within a month and settled 3 paise lower at 84.01 against the American currency. "The Indian rupee continues to remain weak despite Asian currencies rising as inflows get absorbed by the Reserve Bank, while oil companies and FPIs and importers continue to buy US dollars from market keeping the currency on the lower side despite gains seen by its Asian and emerging market counterparts," said Anil Kumar Bhansali, Head of Treasury and Executive ...

Rupee drops to record low amid negative global cues, RBI support aids

Over the last month, there were several instances when the Reserve Bank of India intervened on both sides of the forex market to support the currency

Rupee appreciates 2 paise to 83.96 against US dollar in early trade today

The rupee rose 2 paise to 83.96 against the US dollar in early trade on Wednesday aided by a weakening dollar against major currencies overseas and a drop in crude oil prices. The dollar index, which gauges the greenback's strength against a basket of six currencies, was down 0.14 per cent to 101.67. Brent crude, the international oil benchmark, declined 0.62 per cent to 73.29 in futures trade. At the interbank foreign exchange market, the rupee opened at 83.96, higher by 2 paise from its previous close and stayed put. The unit had settled at 83.98 against the US dollar on Tuesday. "Amid the backdrop of this week's jobs data, US markets experienced a significant sell-off yesterday as investors sought refuge accompanied by a sharp drop in oil prices," CR Forex Advisors Managing Director Amit Pabari said. Meanwhile, in the domestic equity markets, Sensex tumbled 721.75 points to 81,833.69 in early trade, while Nifty tanked 196.05 points to 25,083.80. Foreign Institutional Investors

Rupee depreciates 4 paise to 83.95 against US dollar in early trade

The rupee declined 4 paise to 83.95 against the US dollar in early trade on Tuesday due to a stronger greenback in global markets and weak domestic manufacturing data. A decline in the domestic equity market also contributed to the drop in the local unit, forex traders said. At the interbank foreign exchange market, the rupee opened at 83.94, lower by 3 paise from its previous close before dropping further to 83.95. The unit had settled at 83.91 against the US dollar on Monday. "The rupee again extended its slide against the US dollar above 83.90 levels, slashing all previous week's gains. With August proving to be a challenging month, the rupee ranked as the second-worst-performing currency in Asia," CR Forex Advisors Managing Director Amit Pabari said. The HSBC India Manufacturing PMI declining slightly to 57.5 in August and India's economic growth falling to a 15-month low of 6.7 per cent for the June quarter contributed to the drop in the local unit, he said. Meanwhile, in the

Rupee falls 3 paise to 83.88 against US dollar during early trade

Rupee declined 3 paise to hit 83.88 against the US dollar in early trade on Monday amid fluctuating crude oil prices. Forex traders said volatility in the international dollar trade and limited movement in the Brent crude rates contributed to the decline in the domestic currency in early trade. The positive domestic equity market, inflow of foreign fund and weak greenback capped the rupee's fall, according to forex traders. At the interbank foreign exchange market, the local unit opened 2 paise lower at 83.87 against the American currency and inched up to touch Friday's closing rate of 83.85 before slipping again. Currency traders are awaiting the PMI manufacturing data set to be released later in the day. The rupee rose 4 paise on Friday to close at 83.85 against the US currency. Meanwhile, Sensex and Nifty hit fresh all-time high levels in early trade on Monday. While Sensex rose 164.2 points to 82,527.60, Nifty was up 55.2 points to reach 25,291.10. The dollar index, which ga

Rupee to decline after US data indicates larger Fed rate cut unlikely

The 1-month non-deliverable forward indicated that the rupee will open at 83.90 to the US dollar

Rupee rises 7 paise to 83.82 against US dollar during early trade

Rupee appreciated 7 paise to 83.82 against the US dollar in morning trade on Friday, supported by significant foreign fund inflows and a positive trend in domestic equities. Forex traders said a rise in global risk sentiments supported the rupee, while recovery in the US dollar and month-end dollar demand from importers and oil marketing companies (OMCs) weighed on investor sentiments. At the interbank foreign exchange market, the local unit opened at 83.83, then gained ground to touch 83.82, registering a rise of 7 paise from its previous close. On Thursday, the rupee appreciated 8 paise to close at 83.89 against the American currency. According to forex traders, MSCI rebalancing flows could take the rupee higher. "Some appreciation in the rupee appears likely, with anticipated MSCI inflows of around USD 3 billion. The rupee is likely to trade within a range of 83.75 to 83.90, while in the medium-term, a range of 83.60 to 84.05 is anticipated, with a bias towards the upside," CR

Rupee appreciates 9 paise to 83.88 against US dollar in early trade

Rupee appreciated 9 paise to 83.88 against the US dollar in morning trade on Thursday, supported by the weakness of the American currency in the overseas market and a positive trend in domestic equities. Forex traders said market is awaiting cues from the US GDP and the US Personal Consumption Expenditure (PCE) inflation data, as this data point is crucial as it could sway the Federal Reserve's decision on whether to implement a 25 or 50 basis point rate cut at its September meeting. At the interbank foreign exchange market, the local unit opened at 83.92, then gained ground to touch 83.88, registering a rise of 9 paise from its previous close. On Wednesday, the rupee depreciated 4 paise to close at 83.97 against the American currency. "The rupee is in the midst of a tug-of-war between positive and negative factors. With the Reserve Bank firmly in control, the rupee is expected to trade within a narrow range in the near term, with the upside likely capped around 83.80 and strong ..

Rupee falls 2 paise to 83.95 against US dollar in early trade today

Rupee depreciated 2 paise to 83.95 against the US dollar in morning trade on Wednesday, weighed down by a muted trend in domestic equities. Forex traders said from a macroeconomic standpoint, the rupee's downside appears well-contained, with the 84-level acting as a crucial support, likely bolstered by expected RBI intervention to prevent further depreciation. At the interbank foreign exchange market, the local unit opened at 83.94, then lost further ground and touched 83.95, registering a loss of 2 paise from its previous close. On Tuesday, the rupee depreciated by 6 paise to close at 83.93 against the American currency. According to CR Forex Advisors MD Amit Pabari the Reserve Bank's interventions not only seem to limit the rupee's downside but also cap its appreciation. "This was evident earlier in the week when, despite significant dollar weakness, the rupee remained steady, unlike other emerging market currencies that experienced notable gains," Pabari said. The rupee is exp

Rupee falls 8 paise to 83.95 against US dollar during early trade

Rupee depreciated 8 paise to 83.95 against the US dollar in morning trade on Tuesday, weighed down by elevated crude oil prices and a muted trend in domestic equities. Forex traders said Brent Crude, the international benchmark, was trading above the USD 80 per barrel mark, as fighting continued in the Middle East and attacks by Russia over Ukraine also increased geopolitical tensions. At the interbank foreign exchange market, the local unit opened at 83.91, then lost further ground and touched 83.95, registering a loss of 8 paise from its previous close. On Monday, the Indian rupee settled for the day 3 paise higher at 83.87 against the American currency. Asian currencies fell after appreciating on Monday. The Indian rupee opened at 83.91 and is expected to trade in a small range of 83.85/95, said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP. According to CR Forex Advisors' Amit Pabari with the Reserve Bank firmly in control, the rupee

Rupee gives up early gains to end flat due to importers' dollar demand

Market participants said that the Reserve Bank of India's intervention through dollar buys further weighed on the rupee during the day

Rupee ends on flat note, closes 1 paisa higher at 83.90 against US dollar

The rupee closed at 83.90 against the US dollar, nearly unchanged from its close at 83.89 in the previous session. The currency hit a peak of 83.81 in early trading

Rupee appreciates 10 paise to 83.80 against US dollar in early trade

Rupee appreciated 10 paise to 83.80 against the US dollar in morning trade on Monday, supported by the weakening of the American currency in the overseas market and foreign fund inflows. Forex traders said the dollar index lost significant ground and is hovering around the 100.60 level following US Fed Chair Jerome Powell's recent speech at the Jackson Hole meeting, where he said that time has come for loosening of policy, indicating possible US rate cuts in September. At the interbank foreign exchange market, the local unit opened at 83.83 and then gained ground and touched 83.80, registering a rise of 10 paise from its previous close. On Friday, the rupee traded in a narrow range and settled higher by 3 paise at 83.90 against the American currency. Rupee opened on a positive note and was hovering around 83.80 this morning as the US dollar has lost against most currencies, said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP. "It is expec

Rupee rises 5 paise to 83.88 against US dollar in early trade on Friday

Rupee traded in a narrow range and appreciated 5 paise to 83.88 against the US dollar in morning trade on Friday, supported by easing crude oil prices and fresh foreign fund inflows. Forex traders said significant correction in oil prices, which is hovering around USD 77 per barrel, is a major positive for the rupee, given India's substantial oil imports. At the interbank foreign exchange market, the local unit opened at 83.93 and then gained ground and touched 83.88, registering a rise of 5 paise from its previous close. On Thursday, the rupee traded in a narrow range and settled lower by 3 paise at 83.93 against the American currency. "Despite the dollar index reaching a recent low, the Indian rupee remains steadfast, showing little signs of strengthening. This resilience can be attributed to the central bank's deliberate interventions, aimed at stabilizing the USDINR around the 83.90-95 range," CR Forex Advisors MD-Amit Pabari said. Meanwhile, the dollar index, which gauges the

Rupee to inch up, traders await cues from Powell on interest rate cuts

The rupee has been a laggard in Asia, not benefitting from the increased confidence of the Fed cutting rates at each of the remaining three meetings this year

'Govt may let foreign investors raise capital in rupees to invest overseas'

The new provision could enable investments in rupees in select nations of "strategic interest" to India, said the official with direct knowledge of the plans

Rupee dips, forward premiums rise as Fed rate cuts appear nearly certain

Foreign outflows from Indian equities are compounding the rupee's woes