Page 40 - Rupee

RBI's tight grip on Rupee boosts its allure for carry trades: Fidelity

The rupee rewards investors with a high yield than regional peers, and together with low volatility, makes it arguably one of the most attractive currencies on the planet, Paul Greer said in interview

The path ahead for the rupee

The hottest conversation topic on every bank's treasury floor is internationalisation of the rupee

Rupee appreciates 6 paise to 83.30 against US dollar in early trade

The rupee appreciated 6 paise to 83.30 against the US dollar in early trade on Tuesday, supported by a firm trend in domestic equities. At the interbank foreign exchange market, the local unit opened at 83.37 against the greenback. It later touched 83.30 in initial trade, registering a rise of 6 paise from its previous close. On Monday, the rupee appreciated by 8 paise to close at 83.36 against the US dollar. "There has been no adverse geopolitical development in the last 24 hours and that has helped restore some confidence and improved market sentiment," IFA Global Research Academy said in a research note. "Markets are looking forward to earnings from US' big tech companies and if they meet or beat expectations, we could see risk sentiment remain stable for some time despite elevated US yields," the note said, adding that the rupee is likely to trade in 83.25-83.40 range with sideways price action. Meanwhile, the dollar index, which gauges the greenback's strength against a baske

Rupee appreciates 5 paise to 83.39 against US dollar in early trade

The rupee appreciated 5 paise to 83.39 against the US dollar in early trade on Monday, supported by a firm trend in domestic equities. Forex traders said the local unit gained ground as the American currency and crude oil prices retreated from their elevated levels. At the interbank foreign exchange market, the local unit opened at 83.40 against the greenback. It later touched 83.39 in initial trade, registering a rise of 5 paise from its previous close. On Friday, the rupee appreciated 8 paise to close at 83.44 against the US dollar. Forex traders said there was likely some intervention by the Reserve Bank of India which resulted in the pullback of the local unit. "The Indian forex reserves fell to USD 643.162 billion after rising for 7 weeks in succession as the Reserve Bank of India (RBI) would have sold dollars to rein in the rupee," said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP. Meanwhile, India's forex reserves dropped by USD

Rupee appreciates 12 paise to 83.49 against US dollar in early trade

The rupee rebounded from its all-time low levels and appreciated 12 paise to 83.49 against the US dollar in early trade on Thursday, supported by a firm trend in domestic equities and tracking gains in Asian currencies. Forex traders said the local unit gained ground as the American currency retreated from its elevated levels. At the interbank foreign exchange market, the local unit opened at 83.51 against the greenback. It later touched 83.49 in initial trade, registering a rise of 12 paise from its previous close. On Tuesday, the rupee plunged 17 paise to hit its lowest level of 83.61 against the US dollar for the second time in four weeks. Forex and money markets were closed on Wednesday on account of 'Ram Navami'. The Indian rupee which closed at record lows on Tuesday opened around 83.51 this morning as Asian currencies gained a bit against the dollar, said Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP. The rupee is likely to trad

Rupee hits new low of 83.54 against US dollar amid global worries

The Reserve Bank of India likely intervened in the foreign exchange market by selling dollars through state-owned banks, which protected the rupee from further depreciation

Rupee depreciates 9 paise to 83.53 against US dollar in early trade

The rupee depreciated 9 paise to 83.53 against the US dollar in early trade on Tuesday, weighed down by a strong American currency and elevated crude oil prices. Forex traders said a negative trend in domestic equities and sustained foreign fund outflows also dented investor sentiments. According to interbank foreign exchange, the rupee opened at 83.51 against the dollar and touched a low of 83.53 in the initial trade, registering a fall of 9 paise over its previous close. On Monday, the rupee declined 6 paise to settle at 83.44 against the US dollar. Rupee fell further as foreign portfolio investors continued to buy dollars and sell stocks on risk aversion due to Middle East tensions and US yields heading higher, said Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP. "Need to watch what the Reserve Bank of India (RBI) does to counter the rupee depreciation," Bhansali added. Meanwhile, the dollar index, which gauges the greenback's streng

Rupee settles at record closing low amidst escalating tensions in West Asia

However, Indian rupee on Monday performed better than the majority of the Asian currencies

Rupee declines 7 paise to 83.38 against US dollar in early trade today

The rupee depreciated 7 paise to 83.38 against the US dollar in early trade on Friday, weighed down by a negative trend in domestic equities and elevated crude oil prices. Forex traders said the strength of the American currency in the overseas market also dented investor sentiments. At the interbank foreign exchange, the rupee opened at 83.36 against the dollar and touched a low of 83.38 in the initial trade, registering a fall of 7 paise over its previous close. On Wednesday, the rupee closed flat at 83.31 against the US dollar. Stock, money, commodity, and derivative markets were closed on Thursday on account of Eid-Ul-Fitr. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was at 105.35, higher by 0.07 per cent. Brent crude futures, the global oil benchmark, rose 0.58 per cent to USD 90.26 per barrel. "Brent oil continued to remain in the higher side of the curve on Middle East jitters as Iran promised to retaliate for a .

Rupee appreciates 15 paise to 83.16 against US dollar in early trade

The rupee appreciated 15 paise to 83.16 against the US dollar in early trade on Wednesday, tracking its Asian peers amid a positive trend in domestic equities. Forex traders said investor sentiments got a boost as crude oil prices retreated from their elevated levels. At the interbank foreign exchange market, the local unit opened at 83.23 against the greenback. It later touched 83.16 in initial trade, registering a rise of 15 paise from its previous close. On Monday, the rupee settled on a flat note at 83.31 against the US dollar. Forex and money markets were closed on Tuesday on account of 'Gudhipadwa'. "The Indian rupee is expected to rise to 83.21 levels as the dollar remained sideways and Asian currencies rose this morning," said Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 104.14. Brent crude futures, the globa

Rupee rises 8 paise to 83.23 against US dollar in early trade today

The rupee appreciated 8 paise to 83.23 against the US dollar in early trade on Monday, supported by positive domestic equities and fresh foreign fund inflows. Forex traders said investor sentiments got a boost as crude oil prices retreated from their elevated levels, while the strength of the American currency in the overseas market weighed on the local unit and restricted the up move. At the interbank foreign exchange market, the local unit opened at 83.27 against the greenback. It later touched 83.23 in initial trade, higher 8 paise from its previous close. On Friday, the rupee appreciated 8 paise to close at 83.31 against the US dollar as the Reserve Bank of India kept the benchmark interest rate unchanged at 6.5 per cent for the seventh time in a row. The rupee is expected to trade in a range as the Reserve Bank continues to protect it from falling further while inflows may bring it to 83.20, Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors

RBI reiterates FX exposure must for rupee exchange derivative transactions

The RBI on Thursday delayed the implementation of its consolidated directions for exchange-traded currency derivatives by a month

Rupee declines 6 paise to 83.45 against US dollar in early trade today

The rupee depreciated 6 paise to 83.45 against the US dollar in early trade on Friday, as market participants remained cautious ahead of the announcement of the Reserve Bank of India's rate-setting panel's decision. Forex traders said the local unit was also weighed down by a strong American currency and elevated crude oil prices. Moreover, a negative trend in domestic equities and sustained foreign fund outflows also dented investor sentiments. According to interbank foreign exchange, the rupee opened at 83.44 against the dollar and touched a low of 83.45 in the initial trade, registering a fall of 6 paise over its previous close. On Thursday, the rupee recovered 14 paise to close at 83.39 against the US dollar. Traders said market participants are awaiting the RBI MPC policy decision for further cues. The Reserve Bank's rate-setting panel on Wednesday started its three-day deliberations on the next set of monetary policy. The decision taken at the meeting of the Reserve Bank ...

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