Page 46 - Rupee

Rupee appreciates 10 paise to 83.80 against US dollar in early trade

Rupee appreciated 10 paise to 83.80 against the US dollar in morning trade on Monday, supported by the weakening of the American currency in the overseas market and foreign fund inflows. Forex traders said the dollar index lost significant ground and is hovering around the 100.60 level following US Fed Chair Jerome Powell's recent speech at the Jackson Hole meeting, where he said that time has come for loosening of policy, indicating possible US rate cuts in September. At the interbank foreign exchange market, the local unit opened at 83.83 and then gained ground and touched 83.80, registering a rise of 10 paise from its previous close. On Friday, the rupee traded in a narrow range and settled higher by 3 paise at 83.90 against the American currency. Rupee opened on a positive note and was hovering around 83.80 this morning as the US dollar has lost against most currencies, said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP. "It is expec

Rupee rises 5 paise to 83.88 against US dollar in early trade on Friday

Rupee traded in a narrow range and appreciated 5 paise to 83.88 against the US dollar in morning trade on Friday, supported by easing crude oil prices and fresh foreign fund inflows. Forex traders said significant correction in oil prices, which is hovering around USD 77 per barrel, is a major positive for the rupee, given India's substantial oil imports. At the interbank foreign exchange market, the local unit opened at 83.93 and then gained ground and touched 83.88, registering a rise of 5 paise from its previous close. On Thursday, the rupee traded in a narrow range and settled lower by 3 paise at 83.93 against the American currency. "Despite the dollar index reaching a recent low, the Indian rupee remains steadfast, showing little signs of strengthening. This resilience can be attributed to the central bank's deliberate interventions, aimed at stabilizing the USDINR around the 83.90-95 range," CR Forex Advisors MD-Amit Pabari said. Meanwhile, the dollar index, which gauges the

Rupee to inch up, traders await cues from Powell on interest rate cuts

The rupee has been a laggard in Asia, not benefitting from the increased confidence of the Fed cutting rates at each of the remaining three meetings this year

'Govt may let foreign investors raise capital in rupees to invest overseas'

The new provision could enable investments in rupees in select nations of "strategic interest" to India, said the official with direct knowledge of the plans

Rupee dips, forward premiums rise as Fed rate cuts appear nearly certain

Foreign outflows from Indian equities are compounding the rupee's woes

Rupee depreciates by 7 paise to 83.84 against US dollar in early trade

The Indian rupee depreciated by 7 paise to 83.84 against the US dollar in early trade on Wednesday, tracking subdued domestic equity market trend and unabated outflow of foreign capital. A weak American currency and lower crude prices, however, supported the local unit and prevented its sharp fall, forex traders said. At the interbank foreign exchange, the rupee opened weak at 83.79 and lost further to 83.84 against the greenback, declining 7 paise from its previous days' closing level of 83.77. The rupee settled 10 paise higher at 83.77 against the American currency on Tuesday, a day after gaining 8 paise. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading marginally higher by 0.02 per cent to 101.31. Analysts said the dollar index is at seven-month low level amid concerns over upcoming PMI data from the US and Federal Reserve Chair Jerome Powell's speech at Jackson Hole Symposium later this week. Brent crude, the g

Rupee worst performer among Asian peers over August despite mild rise

Rupee is the worst performing currency in Asia so far this month, down 0.2 per cent against the dollar, while its peers have risen as high as 4 per cent

Rupee turns flat at 83.87 against US dollar in today's early trade

The Indian rupee pared its initial gains and turned flat at 83.87 against the US dollar in early trade on Tuesday, as positive domestic equity markets and a weak American currency was negated by the outflow of foreign capital. Forex traders said softening crude oil prices supported the local unit and prevented its fall. At the interbank foreign exchange, the rupee opened at 83.86 against the greenback, inched up to 83.84 before trading again at its previous session's closing level of 83.87 against the dollar. On Monday, the rupee settled 8 paise higher at 83.87 against the American currency. Over the past holiday-shortened week, the rupee showed minimal fluctuation and narrowly steered clear of the critical of 84-mark. Investors are expected to remain cautious ahead of PMI data from the US and Federal Reserve Chair Jerome Powell's speech at Jackson Hole Symposium for any cues on rate cuts by the central bank. Meanwhile, the dollar index, which gauges the greenback's strength aga

Rupee expected to underperform regional peers amid dollar's slide

The upbeat risk mood has been another factor cited for the slump in the safe haven dollar

Rupee rises 11 paise to 83.84 against US dollar during early trade

The Indian rupee appreciated 11 paise to 83.84 against the US dollar in early trade on Monday, mirroring a positive momentum in domestic equities and fresh foreign fund inflows. Forex traders said the weakening of the American currency in the overseas market and retreating crude oil prices also supported investor sentiments. At the interbank foreign exchange, the rupee opened at 83.88 against the greenback, then gained ground and touched 83.84, registering a gain of 11 paise over its previous close. On Friday, the rupee moved in a tight range and settled just 1 paisa lower at 83.95 against the American currency. Over the past shortened week, the rupee showed minimal fluctuation and narrowly steered clear of the critical 84 mark. "The rupee emerged as the least volatile among its peer currencies, a testament to the RBI's decisive actions, which were further reflected in the nearly USD 5 billion dip in India's forex reserves from the record high of USD 675 billion," CR Forex Advisor

RBI might ask banks dealing with UAE to push direct rupee-dirham settlement

The move is part of India's attempt to increase trade settlement in the rupee and reduce reliance on the dollar, an ambition that has evaded most nations

Rupee rises 7 paise to 83.90 as US dollar retreats in early trade

The Indian rupee appreciated 7 paise to 83.90 against the US dollar in early trade on Wednesday, as the American currency retreated from its elevated levels. Forex traders said the US dollar has weakened against majors post the US Producer Price Index (PPI) print, which came in softer than anticipated, leaving the Dollar Index vulnerable to further correction. At the interbank foreign exchange, the rupee opened at 83.90 against the greenback, registering a gain of 7 paise over its previous close. On Tuesday, the rupee settled for the day on a flat note at 83.97 against the US dollar. The Reserve Bank of India has been holding the 84.00 psychological mark, said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP. "The rupee is expected to open around 83.91 slightly stronger with a narrow range of 83.87/83.97, as the market awaits the Indian trade data for July-24," Bhansali added. Forex traders said market participants are also awaiting cues f

Rupee slips to record closing low of 83.9725 as Asian currencies weaken

The rupee closed at 83.9725 against the US dollar, after closing at 83.9550 in the previous session. The currency hovered in a narrow range between 83.95 and 83.97 during the session

Rupee flat, forward premiums dip as focus shifts to US inflation data

The rupee has struggled over the last two weeks amid outflows from local stocks

Rupee rises 8 paise to 83.89 against US dollar during early trade

Rupee appreciated 8 paise to 83.89 against US dollar in early trade on Friday, supported by a positive trend in domestic equities and a decline in the US dollar index. Forex traders said post the Reserve Bank of India's monetary policy announcement, markets now await for US CPI data, India CPI, WPI and IIP data and India's trade data all scheduled to be released next week. The Jackson Holes Symposium to be held after next week will also remain in focus, traders said. At the interbank foreign exchange, the rupee opened at 83.95 against the greenback, then touched 83.89, registering a rise of 8 paise over its previous closing price. On Thursday, the rupee consolidated in a narrow range and settled for the day lower by 2 paise at 83.97 against US dollar. Rupee was protected by the Reserve Bank of India (RBI) at 83.96 for this week and the local unit is likely to trade in a narrow range of 83.90/84.00 for the day after the RBI kept key benchmark rates on hold, said Anil Kumar Bhansali

RBI expected to step up intervention if the rupee touches 84 level

Indian currency tested a series of record lows in recent days but stopped short of crossing that key level

Rupee trades in narrow range against dollar ahead of RBI's MPC outcome

The rupee witnessed range-bound trading in initial deals against the US dollar on Thursday, ahead of the Reserve Bank of India's monetary policy outcome. Market participants are awaiting cues from the central bank's observation of recent events and its observations on food inflation which continues to remain high. Foreign fund outflows and gains in Brent crude price further dented investor sentiments. At the interbank foreign exchange, the rupee opened at 83.94 against the greenback, then touched 83.93, registering a rise of 2 paise over its previous closing price. On Wednesday, the rupee consolidated in a narrow range and settled for the day lower by 3 paise at 83.95 against US dollar. "Indian rupee was again sold off as it closed at 83.95 on Wednesday very close to the psychologically important level of 84.00. Market will await the monetary policy before checking on RBI allowing the rupee to fall further as it protects 83.96," said Anil Kumar Bhansali, Head of Treasury and Execu

Rupee recovers from all-time low levels, opens 25 paise higher at 83.84

The rupee recovered from its all-time low level and opened 25 paise higher at 83.84 against the US dollar in morning trade on Tuesday, mirroring the rebound in the domestic equity market, even as aggressive dollar bids from foreign banks exerted pressure on the local unit. Forex traders said risk aversion in the global markets, escalation of geopolitical tensions in the Middle East and outflows by foreign investors further dented investor sentiments. At the interbank foreign exchange market, the local unit opened at 83.92 and then touched an early high of 83.84, registering a 25 paise gain from its all-time closing low of 84.09 against the American currency. On Monday, the rupee slumped 37 paise to settle at an all-time low of 84.09 against the US dollar. "The rupee is being sold off in good times and bad times indicating the demand for US dollar as foreign portfolio investors exit the Indian equity market on high valuation concerns," said Anil Kumar Bhansali Head of Treasury and .

Rupee at new low of 83.85 against US dollar, bonds gain on global cues

Market participants said that the local currency might gradually depreciate to Rs. 84 per dollar in near term

Rupee expected to decline further as policy shift comes into focus

The currency tested successive lows in recent days amid outflows from local stocks following a hike in equity taxes