Page 36 - Rupee

Rupee rises 2 paise to 83.72 against US dollar during early trade

The rupee appreciated by 2 paise to trade at 83.72 against the US currency in the early session on Monday amid a weak dollar in the overseas markets. At the interbank foreign exchange market, the rupee opened firm at 83.70 against the US dollar. The local currency moved in a tight range of 83.70 to 83.72 in early trade. The rupee was trading at 83.72 against the US dollar at 9.30 am. Foreign fund outflows from Indian equities after the government's decision to hike the tax rate on capital gains weighed on the local currency and restricted the upmove, forex traders said. The domestic currency had recovered from its all-time low by 5 paise to settle at 83.73 against the US dollar on Friday, on the strength in domestic markets and expectations of fresh foreign inflows. In the domestic equity market, the 30-share BSE Sensex hit an all-time high, rising 355.7 points, or 0.44 per cent, to 81,688.42 in early trade on Monday. Meanwhile, the dollar index, which gauges the greenback's stre

Rupee falls to all-time low of 83.72 against US dollar in early trade

Rupee opened on a muted note and fell to an all-time low of 83.72 against the US dollar on Thursday, dragged down by the strength of the American currency in the overseas market and significant foreign fund outflows. Forex traders said the fall in the domestic unit came on the heels of a significant downturn in the Indian equity markets, sparked by the government's decision to hike the tax rate on capital gains. At the interbank foreign exchange market, the local unit was trading in a narrow range. It opened at an all-time low of 83.72 against the American currency, registering a fall of 1 paisa from its previous close. On Wednesday, the rupee depreciated 2 paise to hit its all-time closing low of 83.71 against the US dollar. The government's decision to hike the tax rate on capital gains dampened market sentiment, exerting immense pressure on the rupee and the equity market. "Post-budget day, the benchmark Indian equity indices, BSE Sensex and Nifty 50, dipped by approximately 0.

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Market participants said that the Indian currency did not depreciate further as the Reserve Bank of India intervened in the foreign exchange market by selling dollars

Rupee appreciates 4 paise to 83.57 against US dollar in early trade

The rupee appreciated 4 paise to 83.57 against the US dollar in early trade on Tuesday, supported by positive trend in domestic equities and foreign fund inflows. Forex traders said dollar demand from local importers limited the rupee's upward momentum. At the interbank foreign exchange market, the rupee opened at 83.59 and gained ground to trade at 83.57 against the greenback in initial deals, registering a rise of 4 paise from its previous closing level. On Monday, the rupee depreciated 10 paise to 83.61 against the US dollar. "The Indian rupee is currently caught in a tug-of-war between negative and positive forces, trading within a tight range," CR Forex Advisors MD Amit Pabari said, adding that continuous intervention by the Reserve Bank of India has helped prevent significant depreciation. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was at 104.33, higher by 0.14 per cent, driven by stronger-than-expected US Producer

Rupee depreciates 4 paise to 83.55 against US dollar in early trade

The rupee depreciated 4 paise to 83.55 against the US dollar in early trade on Monday, tracking the strength of the American currency in the overseas market and elevated crude oil prices. Forex traders said a positive trend in domestic equities and significant foreign fund inflows supported the rupee and restricted the fall. At the interbank foreign exchange market, the rupee opened at 83.53 and lost further ground to trade at 83.55 against the greenback in initial deals, registering a fall of 4 paise from its previous closing level. On Friday, the rupee settled at 83.51 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was at 104.21, higher by 0.11 per cent. Brent crude futures, the global oil benchmark, advanced 0.11 per cent to USD 85.14 per barrel. Over the past week, the Indian rupee has remained steady against the dollar, consistently hovering around the 83.50 mark despite a brief weakening of the .

Rupee trades flat at 83.53 against US dollar during early session

The rupee traded flat at 83.53 against the US currency in early trade on Friday amid firm crude oil prices and gains in domestic stocks. At the interbank foreign exchange market, the rupee opened flat at 83.53 against the US dollar. The local unit moved in a tight range of 83.50 to 83.54 in morning deals. The rupee was trading flat at 83.53 against the US dollar at 0935 hrs. Forex dealers said the impact of firm crude oil prices was offset by overnight losses in the US dollar index and early gains in the domestic equity markets. The US dollar index eased on Thursday after softer US inflation data raised hopes of rate cut by the US Fed by September. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.05 per cent lower at 104.49. Brent crude futures, the global oil benchmark, were trading 0.20 per cent higher at USD 85.60 per barrel. Domestic equity markets were trading higher in early session on Friday. Benchmark Se

Rupee appreciates 2 paise to 83.49 against US dollar in early trade

The rupee traded in a narrow range and appreciated 2 paise to 83.49 against the US dollar in early trade on Thursday, as a positive trend in domestic equities supported the local unit, while elevated crude oil prices weighed on investor sentiments. At the interbank foreign exchange market, the local unit opened at 83.49, registering a rise of 2 paise from its previous close. On Wednesday, the rupee stayed range-bound and settled 2 paise lower at 83.51 against the US dollar. "Persistent demand for the dollar from local importers has capped the rupee's potential gains, yet its outlook remains optimistic, buoyed by recent positive economic indicators," CR Forex Advisors MD-Amit Pabari said. Pabari further said the rupee's outlook is supported by strong foreign inflows, a positive economic forecast, and India's impressive macroeconomic growth, currently the fastest among large economies. The Reserve Bank of India (RBI) appears determined to prevent the rupee from depreciating below 83

Rupee trades flat at 83.49 against US dollar during early session

The rupee traded flat at 83.49 against the US currency in the early session on Tuesday amid losses in domestic equities and easing crude oil prices. At the interbank foreign exchange market, the rupee opened flat at 83.49 against the US dollar. The local currency moved in a restricted range of 83.49 to 83.50 against the greenback in early trade. The rupee had edged up 1 paisa to close at 83.49 against the US dollar on Monday ahead of the key testimony of US Federal Reserve Chair Jerome Powell in front of Congress. Powell's testimony offered little new guidance on the US central bank's plans for when it might cut interest rates. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, eased 0.03 per cent from overnight high levels to 105.09. Brent crude, the global oil benchmark, declined 0.26 per cent to USD 84.44 per barrel in futures trade. In the domestic equity market, the 30-share BSE Sensex dropped by 143.15 points or 0.18 per c

Rupee rises 5 paise to 83.45 against US dollar during early trade

The rupee appreciated 5 paise to 83.45 against the US dollar in early trade on Friday, as the American currency retreated from its elevated levels and was supported by significant foreign fund inflows. At the interbank foreign exchange market, the local unit opened at 83.48 and gained further to 83.45 against the greenback, registering a rise of 5 paise from its previous close. On Thursday, the rupee pared its initial losses and settled for the day on an almost flat note at 83.50 against the US dollar. Forex traders said rising crude oil prices weighed on investor sentiments and restricted the upside. Brent crude futures, the global oil benchmark, declined 0.37 per cent to USD 87.11 per barrel. "The pressure stems from oil marketing companies purchasing crude in anticipation of further price hikes, with Brent oil hovering around USD 87 per barrel. Additionally, it appears the Reserve Bank of India (RBI) is managing the rupee's volatility, capping both its upward and downward ...

Rupee falls 5 paise to 83.53 against US dollar during early trade

The rupee depreciated 5 paise to 83.53 against the US dollar in early trade on Wednesday, weighed down by the strong American currency and elevated crude oil prices. Forex traders said the rupee is trading in a narrow range as US dollar buying by oil companies and Foreign Portfolio Investors (FPIs) further dented investor sentiment, while a firm trend in domestic equities supported the rupee at lower levels. At the interbank foreign exchange market, the rupee opened at 83.51 and lost further ground to trade at 83.53 against the greenback in initial deals, registering a fall of 5 paise from its previous closing level. On Tuesday, the rupee depreciated 4 paise to settle at 83.48 against the US dollar. "... Global factors such as the elevated US DXY around 105.50, the depreciation of the Yen and Yuan, and the rise in US bond yields have prevented the rupee from gaining significant strength and moving away from its multi-month low," CR Forex Advisors MD Amit Pabari said. Rupee traders

Rupee falls 12 paise to 83.56 against US dollar during early trade

The rupee depreciated 12 paise to 83.56 against the US dollar in early trade on Tuesday, weighed down by the strengthening of the American currency in the overseas markets and elevated crude oil prices. Forex traders said oil importers and foreign portfolio investors (FPIs) bought US dollars amid rising US yields, and this dragged down the local unit. At the interbank foreign exchange market, the rupee opened at 83.51 and lost further ground to trade at 83.56 against the greenback in initial deals, registering a fall of 12 paise from its previous closing level. On Monday, the rupee depreciated 10 paise to settle at 83.44 against the US dollar. The rupee had dollar inflows and rose to 83.37 on Monday, but was sold-off to 83.44 levels, as oil and FPIs bought dollars looking at rising US yields, said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP. On Tuesday, rupee is likely to touch 83.55 before cooling off to 83.45, Bhansali said, adding t

Rupee falls 9 paise to 83.43 against US dollar during early trade

The rupee depreciated 9 paise to 83.43 against the US dollar in early trade on Monday amid rising crude oil prices and outflow of foreign capital. The domestic unit, however, found support due to a softening American currency and positive equity market sentiment, forex traders said. At the interbank foreign exchange market, the local unit opened at 83.39 and lost further ground to trade at 83.43 against the greenback in initial deals, registering a fall of 9 paise from its previous closing level. On Friday, the rupee settled 11 paise higher at 83.34 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 105.30, lower by 0.23 per cent. "The US dollar eased slightly on Friday after data showed inflation subsided, reinforcing expectations of Federal Reserve rate cuts this year," said Anand James, Chief Market Strategist, Geojit Financial Services. Brent crude futures, the global oil benchmark, adva

CBIC to launch automated currency exchange rate publishing system on July 4

The Central Board of Indirect Taxes and Customs (CBIC) on Thursday said it will launch on July 4 the automated system of publishing currency exchange rates. The online Exchange Rate Automation Module (ERAM) system will replace the existing manual process of notifying exchange rates through a notification. "ERAM is a significant step towards trade facilitation as the exchange rates of 22 currencies would now be published online in advance for ease of consumption by all importers and exporters," the CBIC said in a statement. These exchange rates would be made available on the ICEGATE website twice a month i.e. on the evening of the 1st and 3rd Thursdays of the month and would be effective from midnight of the following day. A link shall be provided on the CBIC website which will take the user to the ICEGATE website, where the published rates can be viewed. The published exchange rates will be stored in the system and will remain accessible on ICEGATE for future reference, so as to ..

Rupee appreciates 8 paise to 83.49 against US dollar in early trade

The rupee appreciated 8 paise to 83.49 against the US dollar in early trade on Thursday, as crude oil prices retreated from their elevated levels. 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 upmove. At the interbank foreign exchange market, the local unit opened at 83.56 and gained further ground to trade at 83.49 against the greenback in initial deals, registering an increase of 8 paise from its previous closing level. On Wednesday, the rupee depreciated 14 paise against the US dollar and settled at 83.57. "Stronger fundamentals such as stable inflation, accelerated economic growth, higher business activity, and a controlled Current Account Deficit offer a counterbalance supporting the rupee. Additionally, continuous RBI intervention has also helped prevent significant rupee depreciation," CR Forex Advisors MD Amit Pabari said. Meanwhile, the dollar index, which gauges the .

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Rupee sees range-bound trade against US dollar during morning deals

The rupee witnessed range-bound trading against the US dollar in early trade on Monday, amid a negative trend in the domestic equity market. Forex traders said the strength of the American currency in the overseas market and elevated crude oil prices also weighed on the local unit and restricted the upmove. At the interbank foreign exchange market, the local unit opened at 83.52 and gained further to trade at 83.45 against the greenback in initial deals, registering an increase of 12 paise from its previous closing level. On Friday, the rupee hit the lowest level of 83.63 but finally settled at 83.57 against the dollar, registering a gain of 4 paise from its previous close. "Price action on Friday seemed to indicate purposeful intervention by the central bank," IFA Global said in a research note, adding that the rupee is likely to trade in 83.40-83.67 range with sideways price action. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six ...

Rupee recovers 3 paise to 83.58 against US dollar during early trade

The rupee recovered from previous day's steep fall and traded 3 paise higher at 83.58 against the US dollar in early trade on Friday on the back of sustained inflow of foreign capital and strong domestic equity market sentiment. Forex traders said the local unit found support from retreating American currency and easing crude oil prices overseas. At the interbank foreign exchange, the local unit opened at 83.60 and gained further to 83.58 against the greenback, registering a rise of 3 paise from its previous close. On Thursday, the rupee had plunged 17 paise to hit its over two-month low level of 83.61 against the dollar. The domestic currency recorded its previous lowest closing level of 83.61 on April 16 this year. Anand James, Chief Market Strategist, Geojit Financial Services, said the rupee's sharp decline was "partly triggered by significant block deals worth Rs 23,000 crore" a day earlier when Vodafone Idea also sold its 18 per cent stake in Indus Towers for Rs 15,300 crore.

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

The rupee fell 4 paise to 83.48 against the US dollar on Thursday due to firm American currency and an upward trend in crude oil prices overseas. The local unit resisted the fall amid the unabated inflow of foreign capital but gave in to the pressure due to a muted trend in the domestic equity markets, forex traders said. At the interbank foreign exchange market, the local unit opened at 83.43 and lost further to 83.48 against the greenback, registering a fall of 4 paise from its previous close. On Wednesday, the rupee settled 1 paisa lower at 83.44 against the US dollar. "The local currency's upward momentum was halted by a strong US dollar and rising crude oil prices in the international market," said Anand James, Chief Market Strategist, Geojit Financial Services. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.02 per cent at 104.90. Brent crude futures, the global oil benchmark, advanced 0.02 per c

Rupee appreciates 6 paise to 83.37 against US dollar in early trade

The rupee stayed on the upward track for the second straight session and appreciated 6 paise to 83.37 against the US dollar in early trade on Wednesday boosted by sustained inflow of foreign capital and firm equity markets. The local unit, however, faced resistance due to a stronger American currency and higher crude oil prices overseas, forex traders said. At the interbank foreign exchange market, the local unit opened strong at 83.39 and gained further to 83.34 against the greenback in initial deals. It later traded at 83.37 against the American currency, registering a rise of 6 paise from its previous close. On Tuesday, the rupee had settled 12 paise higher at 83.43 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading marginally higher by 0.02 per cent at 104.90. Analysts said the dollar index fell initially as the US data showed the growth in retail sales was lower than expected, though the ..