Page 38 - Rupee

Rupee, bonds expected to rally as exit polls signal PM Modi's victory

The rupee should open higher on Monday and appreciate over the next day or two but could face some resistance near 83.10, a foreign exchange trader at a state-run bank said

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

PM Modi's big victory expected to fuel Indian rupee's nascent rally

The currency, which has been at the mercy of the central bank's vise-like grip recently, is set for a breakout and poised for its best month in almost a year

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 strengthens 18 paise to close at 2-month high on back of FPI inflows

Market participants said that the rupee gave up some gains by the end of the trade as the Reserve Bank of India (RBI) intervened in the foreign exchange market via dollar buys

Danske Bank opposes majority, says rupee bulls wrong as record low looms

The Reserve Bank of India is expected to let the rupee weaken steadily to help local manufacturers fight higher inflation and support exports

Bank of America bullish on rupee despite election led market volatility

The rupee inched up 0.1 per cent to 83.22 per dollar on Wednesday, the highest since April 10

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 6 paise to 83.31 against US dollar in early trade

The rupee appreciated by 6 paise to 83.31 against the US dollar on Tuesday amid softening crude oil prices in the international market. Forex traders said, however, the local unit faced some resistance due to subdued sentiment in the domestic equity market and a stronger American currency. At the interbank foreign exchange market, the local unit opened strong at 83.32 and inched up further to trade at 83.31 against the greenback, registering a gain of 6 paise from its previous closing level. On Friday, the rupee had settled 13 paise higher at 83.37 against the US dollar. The forex markets were closed on Monday on account of general elections. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 104.57, higher by 0.11 per cent. Analysts attributed the strengthening dollar to higher US treasury yields even as the Federal Reserve has indicated that it needs more time to assess the progress on inflation. Brent crude fut

Case for a stronger rupee: Why the INR will only weaken 2% each year

Political risk premium for India is falling with timely intervention by the RBI helping to instil further confidence in the rupee stability.

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

Bullish case for the rupee's rebound dented by RBI's intervention fears

RBI's objective is to prevent outsized moves in the rupee in either direction, said Michael Wan, senior currency analyst at MUFG, adding that this would limit the rupee's upside

Rupee settles near record closing low vs dollar ahead of US inflation data

The local currency settled at Rs 83.53 a dollar against 83.50 a dollar on Friday. It had hit the record closing low of 83.54 on April 16 this year

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 aided by dip in US yields, while election uncertainty weighs

Worries over the Indian election results, due on June 4, have prompted foreigners to take out money from equities, pushing the benchmark Nifty 50 index to a three-week low

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

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