Page 38 - Rupee

Rupee, govt bonds to eye US inflation prints, Fed policy for cues

The rupee closed at 83.3725 against the US dollar on Friday, up 0.1 per cent for the week

Cheaper rupee boosting its lure as carry trade, says Bank of America

The rupee has become one of the least volatile currencies in emerging markets, aided by a long interest-rate pause by the Reserve Bank of India and record foreign exchange reserves

A model for Global South: RBI lays down goals for its 100th year

From Monetary Policy Framework review to safeguards against payment frauds & rupee internalisation, RBI lists 14 major goals

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 rises 1 paisa to 83.43 against US dollar in early trade

The rupee inched up 1 paisa to 83.43 against the US dollar in early trade on Thursday on the back of a weak American currency and positive domestic equity markets. Forex traders said an upward movement in the crude oil prices resisted a sharp rise in the Indian currency even as investors moved cautiously ahead of the RBI's monetary policy decision to be announced on Friday. At the interbank foreign exchange market, the local unit opened at 83.40 and slipped to 83.43 against the greenback, trading 1 paisa higher from its previous close. On Wednesday, the domestic currency settled 7 paise higher at 83.44 against the dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.15 per cent lower at 104.06. Analysts attributed the weakness in the dollar index to a sharp fall in US Treasury yields after the latest data showed private sector job growth in May was slower than estimated, raising expectations of an interest rat

RBI action, foreign banks' dollar sales help rupee recover, ends higher

The rupee closed at 83.37 against the US dollar, up nearly 0.2% compared with its close of 83.53 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 to rely on RBI's help amid foreign outflows post PM Modi's narrow win

Non-deliverable forwards indicate the rupee will open largely unchanged from 83.53 in the previous session

Rupee, bond slump as ruling BJP fails to secure majority on its own

Market expected strong opening by the ruling alliance, say one bond dealer

Rupee depreciates 26 paise to 83.40 against US dollar in early trade

The rupee plunged 26 paise to 83.40 against the US dollar in early trade on Tuesday as initial counting for the Lok Sabha elections indicated a mixed trend. A weak trend in domestic equity markets also dented sentiments in early deals, forex traders said. According to television reports, the BJP-led NDA surged ahead with leads in more than 200 parliamentary seats out of 350 for which trends were available, with the opposition INDIA bloc ahead in 120. Counting of votes for the Lok Sabha elections began on Tuesday morning across states and Union Territories. At the interbank foreign exchange market, the local unit opened weak at 83.25 and lost further ground to trade at 83.40 against the greenback in initial deals, registering a fall of 26 paise from its previous close. On Monday, the rupee closed at 83.14 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.05 per cent lower at 104.02. Brent cr

Rupee to open slightly higher as traders eye Lok Sabha election verdict

Non-deliverable forwards (NDF) indicate the rupee will open at 83.08-83.10 to the US dollar compared with 83.1425 in the previous session

Bond, rupee strengthen as exit polls predict comfortable majority for NDA

The Reserve Bank of India (RBI) intervened in the foreign exchange market to mop up dollars to contain volatility in the exchange rate, said market participants

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, 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