Page 40 - Rupee

Recent volatility won't affect rupee's exchange rate, say bankers

To impact spot prices, the size of the option position being unwound has to be significant, a treasury official at a private sector bank said

Rupee to rise modestly against dollar in next three months, shows poll

That stability has been largely driven by the RBI's continued intervention in FX markets. Its foreign exchange reserves recently hit a record high of $642.63 billion

The 'stable' run for the rupee to continue

Reserve Bank of India will have to continue to monitor the movements and be nimble to spot volatility in both directions and intervene selectively to reduce excess noise

Rupee trades in narrow range at 83.36 against US dollar in early trade

Forex traders said a negative trend in domestic equities and the overall strength of the American currency in the overseas market weighed on investor sentiments

Dollar is more than a currency

Despite predictions of a tough year, the greenback is overpowering challengers. There's more to this supremacy than mere interest rates

PM Modi calls for economic self-reliance, making rupee more acceptable

Prime Minister Narendra Modi on Monday said India needs to increase its economic self-reliance in the next 10 years to mitigate the impact of global crises, and make rupee more accessible and acceptable throughout the world. The Prime Minister also said the workload on bureaucrats will increase substantially soon after formation of the BJP-led NDA government at the Centre. Modi was addressing the opening ceremony of the 90th anniversary celebrations of the Reserve Bank of India (RBI) here. The RBI commenced its operations on April 1, 1935. He highlighted the role of the RBI in speedy and sustainable growth of the country. Noting the achievement of the RBI in infusing rule-based discipline and fiscally prudent policies in the banking sector, the Prime Minister asked for advance estimates of the needs of various sectors to take proactive steps while assuring the banks of government's support. Modi praised the role of the RBI's Monetary Policy Committee (MPC) for taking steps to cont

Rupee most stable Asian currency in FY24 after Singapore, Hong Kong

Record inflows keep bond, currency market steady

RBI's likely intervention in forex market helps rupee to avoid a new low

According to RBI data, India's foreign exchange reserves were at $642.49 billion as of March 15, 2024

RBI likely sold US dollars after rupee slips to fresh record low: Traders

The rupee fell to a record low of 83.45 in the closing minutes of the session. It was at 83.37 against the dollar as of 03:28 p.m. IST, down by 0.1% compared with its close of 83.28 on Tuesday

Rupee trades in narrow range against US dollar in early trade today

On Tuesday, the rupee recovered from all-time low levels and appreciated 32 paise to close at 83.29 against the US dollar

Rupee recovers from all-time lows; rises 29 paise to 83.32 per dollar

The rupee recovered from its all-time low level and appreciated 29 paise to 83.32 against the US dollar in early trade on Tuesday. At the interbank foreign exchange, the domestic currency opened at 83.33 and it gained ground and touched 83.32 against the greenback in initial deals, registering a gain of 29 paise from its previous close. On Friday, the rupee depreciated 48 paise to settle at an all-time low of 83.61 against the American currency. Forex, equity markets were closed on Monday on account of Holi. Market analysts said, for the domestic unit, record forex reserves provide a cushion, enabling the Reserve Bank to mitigate the rupee's downside. India's forex reserves increased by USD 6.396 billion to USD 642.492 billion for the week ended March 15, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves had risen by USD 10.47 billion to USD 636.095 billion. "With RBI accumulating reserves they would endeavour to protect the rupee to some exte

Rupee falls 35 paise to hit all-time low of 83.48 against US dollar

The rupee depreciated 35 paise to settle at an all-time low of 83.48 against the American currency on Friday, tracking a surging greenback against major crosses in the overseas markets and weak Asian peers. Forex traders said foreign fund outflows also weighed on the local unit. At the interbank foreign exchange market, the local unit opened weak at 83.28 against the greenback, and finally settled at a record low of 83.48 (provisional), registering a fall of 35 paise from the previous close of 83.13. In intraday trade, the rupee touched a low of 83.52 against the American currency. The rupee had earlier recorded its lowest closing level of 83.40 on December 13, 2023. According to Anuj Choudhary, Research Analyst, Sharekhan by BNP Paribas, the US dollar strengthened on weak euro and pound. Euro declined as the Swiss National Bank (SNB) surprised the markets by cutting interest rates by 25 bps to 1.5 per cent, which raised the odds of a rate cut by the European Central Bank (ECB) i

Rupee hits 1-month low ahead of US Federal Reserve meeting outcome

The rupee settled at Rs 83.04 per Dollar on Tuesday, against the previous close of Rs 82.90 per Dollar. The last time the rupee touched Rs 83 per Dollar was on February 16

Rupee falls 5 paise to 82.95 against US dollar on back of firm crude prices

The rupee declined 5 paise at 82.95 against the US dollar on Tuesday due to firm crude oil prices and foreign fund outflows. At the interbank foreign exchange market, the rupee opened at 82.94 to a dollar, down 4 paise over the previous close of 82.90. The local currency moved in a tight range of 82.93 to 82.95 to a dollar in early deals. The rupee traded at 82.95, down 5 paise, against the US dollar at 9.15 am. A stronger US dollar and firm bond yields ahead of the US Fed interest rate decision also weighed on the local unit, forex dealers said. The US dollar index, which measures the greenback's strength against a basket of six currencies gained 0.20 per cent to 103.64. Brent crude, the global crude oil benchmark, also stayed above USD 86 per barrel to trade at around four-month high levels. Losses in local stocks also weighed on the rupee. Benchmark BSE Sensex declined by 398.79 points or 0.55 per cent to 72,349.63 while broader Nifty dropped 120.10 points or 0.54 per cent to

Rupee appreciates 2 paise to 82.84 against US dollar in early trade

The rupee appreciated by 2 paise to trade at 82.84 against the US dollar in the opening session on Monday following foreign fund inflows. An uptick in crude oil prices and listless trade in domestic stocks capped rupee gains in opening trade, forex dealers said. The local currency moved in a narrow range of 82.83 to 82.84 against the dollar in early deals. The rupee closed at 82.86 on Friday. The US dollar index, which gauges the greenback's strength against a basket of six currencies, was trading flat at 103.43. Crude oil prices firmed up in early Asian trade. Brent crude, the global oil benchmark, gained 0.35 per cent to trade at USD 85.64 per barrel. Oil for Indian basket was up at USD 84.50 per barrel. Domestic equity markets were trading almost flat in morning session on Monday. Benchmark Sensex gained around 0.1 per cent to trade at 72,718.72 while Nifty edged up 0.06 per cent to 22,036.20. Foreign investors turned net buyers in Indian stocks on Friday as they purchased sha

Rupee depreciates 5 paise to 82.85 against US dollar in early trade

The rupee depreciated 5 paise to 82.85 against the US dollar in early trade on Wednesday, as the strength of the American currency in the international market and elevated crude oil prices dented investors' sentiment. Forex traders said the rupee is expected to trade with a slight negative bias on recovery in the greenback and concerns over elevated crude oil prices. However, a positive tone in domestic markets may support the rupee at lower levels. At the interbank foreign exchange, the rupee opened at 82.82 against the dollar and touched an early low of 82.85 against the greenback. On Tuesday, the rupee consolidated in a narrow range and settled for the day 5 paise lower at 82.80 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was at 102.88, lower 0.07 per cent. The US dollar held steady as traders weighed hotter-than-expected US CPI inflation which came at 3.2 per cent against last month's figures of

RBI takes delivery of $5 bn dollar/rupee swap to bolster liquidity: Bankers

Bankers reckon that the central bank opted to take delivery, thereby removing $5 billion out of the system and injecting proportionate liquidity

Rupee ends higher on dollar inflows, likely RBI intervention caps rise

"The rupee has broken a key support level of 82.80 given robust inflows, solid fundamentals and a weakening dollar," said Amit Pabari, managing director at forex advisory firm CR Forex

Rupee climbs over six-month high on inflows, stronger Asian peers

The rupee was also helped by strength in its Asian peers amid a drop in US Treasury yields. The Korean won climbed 0.8 per cent and the Indonesian rupiah advanced 0.4 per cent

RBI urges state refiners to make payments for some oil imports in Rupees

India is the world's third-largest crude importer and is forecast to be the leading driver of global consumption growth this decade