Page 46 - Rupee

Rupee rises by 5 paise to 82.80 against US dollar ahead of MPC announcement

The rupee appreciated by 5 paise to 82.80 against the US dollar in early trade on Thursday ahead of the Reserve Bank of India's monetary policy decision. However, weak domestic equities and elevated crude prices weighed on the local unit, said analysts. Investors were trading cautiously ahead of the Reserve Bank's rate-setting panel MPC's monetary policy decision. The MPC meeting started its three-day review meeting on Tuesday. At the interbank foreign exchange, the domestic unit opened stronger at 82.81 against the dollar and touched 82.80, registering a gain of 5 paise over its previous close. On Wednesday, the rupee appreciated 6 paise to settle at 82.85 against the dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell by 0.02 per cent to 102.47. Global oil benchmark Brent crude was trading 0.14 per cent lower at USD 87.43 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 211.55 points

RBI intervention to keep rupee in tight range, analysts say: Poll

Expected volatility in the rupee over the next three months was at its lowest in two decades as the Indian central bank continued to buy dollars, adding to its FX reserves of over $600 billion

Rupee slips to near one month low after US downgrade, oil firms demand

However, the Indian unit fares better than Asian peers

Rupee expected to decline on poor risk appetite, weakness in Asian peers

Non-deliverable forwards indicate rupee will open at around 82.32-82.34 to U.S. dollar compared with 82.2550 in the previous session

Rupee continues to remain stable in July, ends flat at 82.25 a dollar

For the week ended July 21, foreign exchange reserves were at $607 billion as compared to $562 billion on December 30, 2022

Rupee falls 31 paise to 82.23 against the US dollar in early trade

The rupee plunged 31 paise to 82.23 against the US dollar in early trade on Friday amid massive outflow of foreign funds and subdued equity markets. Elevated level of crude prices nearing USD 84 a barrel also weighed on the domestic unit even as the American currency gained strength on the back of better-than-expected GDP numbers from the US, forex traders said. At the interbank foreign exchange, the domestic unit opened weak at 82.30, then touched a high of 82.19 against the American currency. It later traded at 82.23, registering a fall of 31 paise over its previous close. On Thursday, the rupee had settled at 81.92 against the dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell marginally by 0.02 per cent to 101.76. Brent crude futures, the global oil benchmark, was trading 0.40 per cent lower at USD 83.90 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 227.44 points or 0.34 per cent

Rupee appreciates 10 paise to 81.91 against US dollar in early trade

The rupee gained 10 paise to 81.91 against the US dollar in early trade on Thursday tracking the weakness of the American currency in the overseas market, after the US Fed raised interest rates on expected lines. Forex traders said a positive trend in domestic equities and foreign fund inflows also aided the local unit. However, a surge in crude oil prices capped sharp gains for the local unit, they said. At the interbank foreign exchange, the domestic unit opened at 81.92, then touched a high of 81.91 against the American currency, registering a rise of 10 paise over its last close. On Wednesday, the rupee had settled at 82.01 against the dollar. "As Fed Chairman Jerome Powell said that there could be another rate hike in September, markets anticipated that Fed's rate hike cycle is coming to an end and pulled dollar down as dollar index fell to 100.74 down from 101.65 it hit earlier in the week," said Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury .

Rupee may struggle on uptick in US yields before Federal Reserve decision

Non-deliverable forwards indicate the rupee will open marginally lower to the U.S. dollar, compared with 81.87 on Tuesday

Rupee rises as Asian currencies appreciate, foreign inflows continue

The rupee opened at 81.71 per US dollar, tracking the rise in Asian currencies. The yuan fell to CNY 7.13, compared to 7.21 on Monday at the close of the Indian foreign exchange market

Rupee gains 14 paise to 81.67 against the US dollar in early trade

The rupee gained 14 paise to 81.67 against the US dollar in early trade on Tuesday tracking the weakness of the American currency in the overseas market. However, a surge in crude oil prices capped sharp gains for the local unit, forex traders said. At the interbank foreign exchange, the domestic unit opened at 81.74, then touched a high of 81.67 against the American currency, registering a rise of 14 paise over its last close. On Monday, the rupee had settled at 81.81 against the dollar. "The flows have been strong enough and despite buying by RBI at various levels has kept the rupee on the stronger side despite a rise in dollar index to 101.30," said Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP. The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.09 per cent to 101.25. Brent crude futures, the global oil benchmark, rose 0.18 per cent to USD 82.89 per barrel. Participants in the rupee a

Rupee falls 12 paise to 82.05 as domestic equities weighed on sentiments

The rupee depreciated 12 paise to 82.05 against the US dollar in early trade on Friday as a negative trend in domestic equities and firm crude oil prices weighed on investor sentiments. At the interbank foreign exchange, the domestic unit opened at 82.03, then touched 82.05, registering a decline of 12 paise over its last close. On Thursday, the rupee had settled at 81.93 against the dollar. As inflows dominate and the Reserve Bank of India (RBI) continues to hold US dollar near 81.90, the rupee is likely to remain range-bound, said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP. Bhansali further said, "the important aspect to be watched is the Federal Open Market Committee (FOMC) on July 26, where the 'US FED speak' will be closely watched." The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.09 per cent to 100.78 on good retail sales data from the US. Brent crude futures, the global oil .

It's time to get real about rupee's role in international financial system

New Delhi's own experiment with Russian oil should be a sobering reminder of how little sanctions have done to dethrone the US currency. Internationalizing the rupee will neither be swift, nor easy

India and Indonesia plan local currency trade, fast payments links

The proposed agreements with Indonesia comes as India inked similar pacts with the United Arab Emirates over the weekend, which will see more trades done in rupees and dirhams

India, UAE agree on trade settlement in local currencies to boost ties

India and the UAE on Saturday agreed to start trade settlement in their currencies and link the Indian Unified Payments Interface with the Gulf country's Instant Payment Platform (IPP) as Prime Minister Narendra Modi held comprehensive talks with UAE President Sheikh Mohamed bin Zayed Al Nahyan here. In his remarks after meeting the UAE President, Modi said India-UAE trade witnessed a 20 per cent increase since the signing of the Comprehensive Economic Partnership Agreement last year. Modi said the agreement signed on Saturday for trade settlement in the currencies of the two countries shows the strong economic cooperation and mutual trust between the two nations. "It is always gladdening to meet HH Sheikh Mohamed bin Zayed Al Nahyan. His energy and vision for development are admirable. We discussed the full range of India-UAE ties including ways to boost cultural and economic ties," Modi said on Twitter after the meeting. The agreement with the UAE on trade settlement in the ...

RBI, Central Bank of UAE sign two MoUs for trade in local currencies

With messaging system MoU, no need to depend on SWIFT, says Governor Das

Not averse to using Indian rupee as common currency: Lanka President

Sri Lanka would want to see the Indian rupee used as much as the US dollar, President Ranil Wickremesinghe has said, days ahead of his first official visit to New Delhi. Wickremesinghe, also the cash-strapped country's finance minister, made this remark while addressing the Indian CEO Forum here this week. Just as East Asia, including countries like Japan, Korea and China, witnessed significant growth 75 years ago, it is now India's turn, along with the Indian Ocean region," Wickremesinghe said. Wickremesinghe is expected to visit New Delhi next week, his first since becoming president a year ago amidst unprecedented economic and political turmoil in the island nation. Wickremesinghe's comments were in response to the chair of the Forum, T S Prakash, who in his address had called for the enhanced use of the Indian rupee in the Sri Lankan economy. It makes no difference to us if India (the Indian rupee) becomes a common currency. We will have to figure out how to go about it. We mu

RBI to give banks guidance to resolve rupee trade issues, says official

The issue with rupee trade is that it can only work as a barter currency, the official said

Rupee, govt bonds gain after lower-than-expected US inflation data

However, the Indian unit gave up some early gains as importers bought dollars for oil companies, dealers said

Rupee appreciates 16 paise to 82.25 against US dollar as it weakens

The rupee gained 16 paise to 82.25 against the US dollar in early trade on Wednesday as weakness of the American currency in the overseas market and steady foreign fund inflows supported investors' sentiment. However, a surge in crude oil prices capped sharp gains for the local unit, forex traders said. At the interbank foreign exchange, the domestic unit opened at 82.29, then touched a high of 82.25 against the American currency, registering a rise of 16 paise over its last close. On Tuesday, the rupee had settled at 82.41 against the dollar. Softness in the US dollar and sustained FII inflows supported the rupee, forex traders said adding that the strength in crude oil prices remains a concern for the rupee, as a sharp surge in prices could limit its gains. The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.30 per cent to 101.42. Brent crude futures, the global oil benchmark, rose 0.20 per cent to USD 79.56 per barrel. Traders sa

Rupee's plunging volatility leaves foreign investors guessing RBI's moves

The RBI has added back $32 billion in reserves already this year as it absorbed foreign inflows to keep the currency steady, while its dollar forward book also climbed by around $10 billion