Page 41 - Rupee

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

Rupee declines 2 paise to 82.92 against US dollar in early trade today

The rupee declined 2 paise to 82.92 against the US dollar in early trade on Tuesday, tracking a stronger American currency against major overseas rivals and outflow of foreign funds from domestic capital markets. Though a downward trend in the crude oil prices cushioned the Indian currency, it was weighed down by the subdued equity market sentiment, forex traders said. At the interbank foreign exchange, the domestic currency opened at 82.90 and slipped further to trade at 82.92 against the greenback, registering a loss of 2 paise from its previous close. On Monday, the rupee settled 1 paise lower at 82.90 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.03 per cent to 103.81. Brent crude futures, the global oil benchmark, fell 0.17 per cent to USD 82.66 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 259.97 points or 0.35 per cent lower at 73,612.32 points. The broad

Rupee appreciates 4 paise to 82.87 against US dollar in early trade

The rupee appreciated 4 paise to 82.87 against the US dollar in early trade on Monday, amid a weak American currency against major rivals overseas and inflow of foreign funds in the domestic capital markets. A positive sentiment in the equity markets supported the rupee, though the local unit was weighed down by an upward movement in the crude oil prices, forex traders said. At the interbank foreign exchange, the domestic currency opened at 82.86 and slipped further to trade at 82.87 against the greenback, registering a gain of 4 paise from its previous close. On Friday, the rupee settled 2 paise lower at 82.91 against the US dollar. Gaurang Somaiya, forex and bullion analyst, Motilal Oswal Financial Services, said, the rupee gained primarily as the dollar fell against major crosses and also supported by better-than-expected GDP data on the domestic front. The dollar index, which gauges the greenback's strength against a basket of six currencies, fell by 0.01 per cent to ...

Many countries negotiating to start rupee trade with India: Sitharaman

Finance Minister Nirmala Sitharaman on Friday said many countries are negotiating to start trade in rupee as the country's fundamentals are strong and the Indian unit has been "mostly stable" against most of the international currencies. Addressing the Pandit Hriday Nath Kunzru Memorial Lectures 2024 at JNU, Sitharaman also said India has opened up every sector for private investments and will extend fiscal and policy support to sunrise sectors like artificial intelligence, semiconductors and manufacturing using innovative tools. "Indian Rupee being mostly stable against most of the international currencies except for the US dollar, where it had volatility. But even in that case, compared to many other currencies, the Indian rupee has been far more stable even against the US dollar. "And therefore, you find countries today wanting to have trade relations built on rupee trade," said Sitharaman while addressing students and professors at her alma mater. "As a central university, JNU

Rupee appreciates 2 paise to 82.89 against US dollar in early trade

The rupee appreciated 2 paise to 82.89 against the US dollar in early trade on Thursday, tracking a weak American currency and a downward trend in the crude oil prices. The domestic unit, however, weighed down by a volatile equity market and unabated outflow of foreign funds, forex traders said. Market participants were also awaiting the domestic GDP data to be released later in the day, they said. At the interbank foreign exchange, the local currency opened at 82.88 and dipped to 82.89 against the greenback, registering a gain of 2 paise from its previous close. On Wednesday, the rupee settled 2 paise lower at 82.91 against the US dollar. The dollar index, which gauges the greenback's strength against a basket of six currencies, was 0.11 per cent lower at 103.86 on Thursday. Analysts said the dip in the American currency was an instant reaction to the US macroeconomic data which projected a slightly lower growth rate for the world's largest economy. According to Gaurang Somaiya

Rupee flat at 82.89 against dollar amid unabated outflow of foreign funds

The rupee turned flat at 82.89 against the US dollar in early trade on Wednesday, resisting pressure amid unabated outflow of foreign funds and increased month-end demand of the American currency. According to forex analysts, crude oil prices hovering above USD 83 per barrel also weighed on the domestic currency, however, positive equity markets provided cushion and capped a steep fall in the rupee. Investors were also awaiting cues from US GDP data to be released later in the day and domestic GDP (Gross Domestic Product) numbers later this week, they said. At the interbank foreign exchange, the local currency opened at 82.90 and then inched up to trade at the previous day's closing level of 82.89 against the greenback. On Tuesday, the rupee settled 1 paisa lower at 82.89 against the US dollar. The dollar index, which gauges the greenback's strength against a basket of six currencies, was 0.09 per cent higher at 103.92. Gaurang Somaiya, forex and bullion analyst Motilal Oswal ...

Rupee least volatile in 20 years, likely to touch 82 against US dollar

Market participants expect the rupee to appreciate to the 82 mark in the current calendar year given the healthy capital flows and reasonably higher balance of payment surplus.

Rupee appreciates 2 paise to 82.89 against US dollar in early trade

The rupee appreciated 2 paise to 82.89 against the US dollar in early trade on Monday on the back of foreign funds inflow and retreating crude oil prices in the overseas market. Forex traders said subdued equity market sentiment and strengthening American currency weighed on the domestic unit. Also, they said investors adopted cautious approach ahead of inflation and other macroeconomic data to be released in India as well as in the US later this week. At the interbank foreign exchange, the local currency opened at 82.88 and slipped further to 82.89 against the greenback, registering a gain of 2 paise from the previous close. On Friday, the rupee settled 6 paise lower at 82.91 against the US dollar. The dollar index, which gauges the greenback's strength against a basket of six currencies, was 0.06 per cent higher at 103.92. Brent crude futures, the global oil benchmark, was trading 0.45 per cent lower at USD 82.25 per barrel. In the domestic equity market, the 30-share BSE Sens