Page 43 - Rupee

Reserve Bank of India net sells $1.9 billion in November, shows data

The rupee depreciated by 0.17 per cent in November. The RBI's net outstanding forward sales by the end of November stood at $11.9 billion, against $14.6 billion in October

Rupee depreciates 3 paise to 83.15 against US dollar in early trade

The rupee depreciated 3 paise to 83.15 against the US dollar on Wednesday, tracking a strong greenback against major rivals overseas and massive selling in domestic equity markets. However, inflow of foreign funds in domestic equity markets and softening crude oil prices in the international markets resisted a steep fall in the domestic currency, forex traders said. At the interbank foreign exchange, the domestic currency opened at 83.13 and slipped further to 83.15 against the dollar, registering a loss of 3 paise from its previous close. On Tuesday, the rupee declined 26 paise to settle at 83.12 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.08 per cent higher at 103.19 on Wednesday. Analysts attributed unabated gains in the US dollar to safe-haven demands amid concern over disruption in global trade through the Red Sea route. Brent crude futures, the global oil benchmark, declined 0.47

Rupee, govt bonds gain post lower-than-expected December CPI data

The fall in US Treasury yields and foreign portfolio investor (FPI) inflows further aided rupee and bonds

Rupee gains 11 paise against the US dollar amid strong FPI inflows

The local currency strengthened for the eighth consecutive trading session on Friday; it touched an intraday high of 82.86 per dollar before settling at 82.92, compared to 83.03 on Thursday

Rupee up 9 paise to 83.06 against US dollar backed by foreign fund inflow

The rupee appreciated 9 paise to 83.06 against the US dollar in early trade on Monday on the back of positive domestic equity markets and inflow of foreign fund. However, forex traders said a strong American currency and volatile crude oil prices weighed on the domestic currency. At the interbank foreign exchange, the domestic currency opened at 83.09, touched the level of 83.04 before trading at 83.06 against the greenback in initial deals, registering a rise of 9 paise from its previous close. On Friday, the domestic currency settled at 83.15 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 102.22 on Monday. Brent crude futures, the global oil benchmark, declined 1.12 per cent to USD 77.88 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 73.62 points or 0.10 per cent higher at 72,099.77. The broader NSE Nifty advanced 25.85 points or 0.12 p

Rupee may rise to 81/$ by 2024 end amid robust inflow hopes: Goldman Sachs

India's external balances remain favourable, with a combination of low current account deficit, strong public market capital flows, adequate forex reserves and low external debt

Rupee dwindles 3 paise, reaches 83.19 against US dollar in early trade

The rupee started the new year on a flat note and depreciated 3 paise to 83.19 against the US dollar in the morning session, amid a negative trend in domestic equities and dollar demand from importers. Forex traders said the rupee is trading in a narrow range as the support from easing crude oil prices was negated by the strength of the American currency in the overseas market. At the interbank foreign exchange, the rupee opened at 83.18 against the dollar, then fell to 83.19, registering a fall of 3 paise over its previous close. In the initial trade, the rupee also touched an early high of 83.15 against the US dollar. On Friday, the rupee appreciated 4 paise to settle at 83.16 against the US dollar on the last trading day of 2023. At the start of the new year, the dollar index was stable at 101.38, and Brent oil was at USD 77.07 per barrel. Asian currencies are also very stable with Yuan at 7.1253, IDR at 15,390, KRW at 1,294.53, said Anil Kumar Bhansali, Head of Treasury and ..

Nations around us reached moon, we have not risen from earth: Nawaz Sharif

"We have been responsible for our own downfall, otherwise this nation would have reached a different place," he added

India, Oman discussing utilisation of UPI stack, possibility of rupee trade

Kwatra underscored the significance of Oman's successful participation as a special guest country in the G20 during India's presidency, particularly at the G20 summit in September

Government bonds, rupee gain after US Federal Reserve raises hopes

Traders expect the benchmark yield to trade between 7.10-7.25 per cent in the near term, given the positive sentiment

Rupee rebounds 13 paise to 83.27 against US dollar in early trade

The rupee rebounded by 13 paise to 83.27 against the US dollar in early trade on Thursday after the greenback weakened in the overseas markets as the US Federal Reserve signalled a cut in interest rates next year. The local unit opened strong at 83.30 at the interbank foreign exchange market. The currency rose further to hit a high of 83.27 in morning deals, reflecting gains of 13 paise over the previous close. The rupee had closed at its all-time low level of 83.40 on Wednesday after retail inflation rose to a three-month high of 5.55 per cent in November. The US dollar index, which measures the greenback's strength against a basket of six currencies, eased by 0.33 per cent to 102.53. The US Federal Reserve kept its key interest rate unchanged on Wednesday for a third time in a row. The officials also signalled that they expect to make three quarter-point cuts to their benchmark rate next year. "The crash in the US 10-year yield to 4 per cent will trigger large capital flows to .

Rupee ends 1 paisa lower at 83.38 against dollar ahead of US CPI data

The rupee closed at 83.3875 against the U.S. dollar, barely changed from its close at 83.3925 in the previous session. The unit hovered between 83.36 and 83.39 on Tuesday

Rupee appreciates one paisa to 83.36 against US dollar in early trade

The rupee rose 1 paisa to 83.36 against the US dollar in early trade on Tuesday amid foreign fund inflow and softening of the American currency against its major rivals. According to forex traders, positive cues from the domestic equity market also boosted investors' sentiment while the upward movement of crude oil prices weighed on the Indian currency. At the interbank foreign exchange market, the local unit opened at 83.36 against the greenback. The rupee touched the intra-day peak of 83.35 before trading at 83.36 against the American currency, up 1 paise from its previous close. On Monday, the domestic currency settled at 83.37 against the US dollar. "Yesterday, the dollar against its major crosses also traded with low volatility as market participants remain cautious ahead of the important FOMC (Federal Open Market Committee) policy statement that is scheduled to be released later this week," Gaurang Somaiya, forex and bullion analyst at Motilal Oswal Financial Services, said.

Rupee rises 3 paise to 83.37 against US dollar during early trade

The rupee appreciated 3 paise to 83.37 against the US dollar in early trade on Monday, amid sustained inflow of foreign funds and bullish sentiment in the domestic equity market. An upward movement in crude oil prices, however, weighed on the Indian currency, according to forex traders. At the interbank foreign exchange market, the local unit opened at 83.39 against the dollar and rose to 83.37, up 3 paise from its previous close. On Friday, the rupee depreciated 4 paise to close at 83.40 against the US dollar. Gaurang Somaiya, forex and bullion analyst at Motilal Oswal Financial Services, said that investors will keep a close eye on monetary policy decisions from US Federal Reserve and other central banks to be announced this week. "... the commentary from the (US Fed) Governor will be important to watch and gauge a view for the major crosses. Today, volatility could remain low as no major economic data is expected to be released from the US. We expect the USD-INR (spot) to trade

Cross-border remittances using e-rupee to halve cost of such payments: Seth

Central Bank Digital Currency (CBDC) or e-rupee can help halve the cost of cross-border remittances to 2-3 per cent, an official said on Friday. Economic Affairs Secretary in the Finance Ministry Ajay Seth said CBDC can be used for trade, remittances, or any other cross-border payment. "At the moment, cross-border payment is not a very efficient system, it takes time. At the same time, there is cost factor," Seth said. Giving data, he said remittances to India is around USD 100 billion annually and compared to the global level of 8-9 per cent, the cost in India is low at 5 per cent of each transaction value. "So, for cross-border payments, CBDC can be very effective to bring down cost further to the range of 2-3 per cent," the Secretary said at the Ficci Annual Convention here. The introduction of CBDC was announced in the Union Budget 2022-23 by Finance Minister Nirmala Sitharaman. The RBI began the pilot wholesale CBDC project on November 1, 2022, while the pilot on retail versi

Rupee appreciates by 2 paise to 83.30 against US dollar in early trade

The rupee edged up by 2 paise to 83.30 against the US dollar in opening trade on Thursday amid a correction in crude oil prices and gains in local equities. The US currency also weakened against its major global rivals which supported the rupee sentiment despite FII outflows, forex dealers said. At the interbank foreign exchange market, the local unit opened at 83.30 against the US dollar, showing a rise of 2 paise over the last close. The unit had closed at 83.32 on Wednesday. The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.17 per cent down at 103.74. The greenback had strengthened on Wednesday after the Fed meeting minutes suggested a hawkish tone of the Federal Open Market Committee (FOMC). Brent crude futures, the global oil benchmark, fell 1.45 per cent to USD 80.77 per barrel. On the domestic equity market front, Sensex rose by 145.86 points or 0.22 per cent to 66,169.10 points in early trade. The Nifty50 advanced 48.

Rupee falls 4 paise against US dollar due to muted domestic trend

Forex traders said a muted trend in domestic equities also weighed on the local unit, while a correction in oil prices provided support to the currency

Rupee hits fresh closing low of 83.35/$ despite dollar index dip

The 10-year benchmark yield settled at 7.22 per cent on Friday

Rupee reaches 83.25 against US dollar after fall of 2 paise in early trade

The rupee slipped by 2 paise to 83.25 against the US dollar on Friday as a firm greenback in the overseas markets weighed on investor sentiments. At the interbank foreign exchange market, the rupee opened flat at 83.23 against the US currency following overnight losses in crude oil prices. However, a firm US dollar and weak domestic equity markets restricted the rupee movement and the local currency edged lower by 2 paise to 83.25 in early trade. The rupee closed at 83.23 against the greenback on Thursday. The dollar index, which gauges the greenback's strength against a basket of six currencies, was flat at 104.35. Brent crude futures, the global oil benchmark, recovered from overnight losses to trade higher by 0.40 per cent at USD 77.73 per barrel. Indian basket oil futures were down 0.85 per cent at USD 83.09 per barrel. Brent crude futures for December delivery plunged up to 5 per cent to a four-month low of USD 77.42 per barrel on Thursday as weak jobs data from the US led t

Rupee appreciates 32 paise to 83.01 against US dollar in early trade

The rupee appreciated 32 paise to 83.01 against the US dollar in morning trade on Wednesday as the American currency retreated from its elevated levels after US inflation came lower than expected. Forex traders said the rupee opened on a bullish note as the American currency weakened after US Inflation eased to its lowest level since September 2021. Moreover, a positive trend in domestic equities boosted investor sentiments. At the interbank foreign exchange, the rupee opened at 83.03, then touched 83.01 against the American currency, higher by 32 paise over its previous close. On Monday, the rupee declined by 5 paise to settle at its all-time low of 83.33 against the American currency. The forex and equity markets were closed on Tuesday on account of Diwali-Balipratipada. From an all-time low it marked last week amid the system outrage, the rupee is trading at nearly a two-month high around 83.00 levels, CR Forex Advisors MD Amit Pabari said. A breakdown below 82.95 will push t