Page 56 - Rupee

Rupee appreciates by 47 paise to close at 82.41 against US dollar

The rupee appreciated by 47 paise to close at 82.41 (provisional) against the US dollar on Friday, as the greenback retreated from its elevated levels. At the interbank foreign exchange market, the local unit opened at 82.85 and finally settled at 82.41 against the American currency, registering a rise of 47 paise over its previous close amid a positive trend in domestic equities. On Thursday, the rupee had closed 8 paise lower at 82.88. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.34 per cent to 112.54. Global oil benchmark Brent crude futures rose 2.05 per cent to USD 96.61 per barrel. "Euro and Pound too recovered on Friday from intraday lows as broader dollar retraced against its major crosses," said Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services. On Thursday, pound fell sharply against the US dollar after the Bank of England raised rates by 75 bps. "We expect the USD-INR (Spot) t

Bond yields track US peers on Federal Reserve interest rate hike

Total trade volumes in the regular secondary bond market were at Rs 21,150 crore on Thursday

In a two-decade first, currency in circulation declines in Diwali week

The currency in circulation (CIC) declined by Rs 7,600 crore in the Diwali week, making it the first such happening in two decades, a report said on Thursday. This was made possible courtesy of a greater reliance on digital payments by people, the report by economists at SBI said, adding that the Indian economy is undergoing a structural transformation at present. They clarified that the Diwali week in 2009 had also witnessed a marginal Rs 950 crore decline in currency in circulation, but that was purely due to the economic slowdown amid the global financial crisis. "The innovations in technology have changed the Indian payment system. Over the years, the Indian cash lead economy now has changed to a smart-phone lead payment economy," they said. The economists also said that a lower currency in circulation also is akin to a cut in the cash reserve ratio for the banking system as it results in lower leakage of deposits and will have a positive impact on monetary transmission as ...

Rupee likely to weaken after US Fed's Powell hints at higher peak rate

The rupee is expected to open at around 82.85-82.90 to the dollar, compared with 82.7800 in the previous session.

Ahead of US Fed policy decision, rupee closes at 82.78 against dollar

The rupee depreciated 19 paise to close at 82.78 (provisional) against the US dollar on Wednesday, tracking a muted trend in domestic equities ahead of the release of the US Fed's policy statement. At the interbank foreign exchange market, the local unit opened at 82.64 and witnessed a high of 82.62 and a low of 82.81. It finally settled at 82.78 against the American currency, registering a fall of 19 paise over its last close of 82.59. "Rupee consolidated in a narrow range ahead of the important events that are lined up today and tomorrow," said Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services. The focus will be on the Federal Open Market Committee (FOMC) policy statement on Wednesday, which is likely to trigger volatility for the greenback. The RBI's rate-setting panel will be meeting on Thursday to discuss and formulate a response to the government for a failure to meet the inflation target. Its reply will focus on the reasons that led to inflation ..

Rupee falls 12 paise against dollar amid muted trend in domestic equities

The rupee depreciated 12 paise to 82.71 against the US dollar in morning trade on Wednesday amid a muted trend in domestic equities. Forex traders said the rupee opened on a flat note ahead of the US Federal Reserve's much-awaited monetary policy decision later in the day. At the interbank foreign exchange, the domestic unit opened at 82.64 against the dollar, then lost further ground to quote at 82.71, registering a loss of 12 paise over its previous close. In initial trade, the local unit also touched 82.62 against the American currency. On Tuesday, the rupee settled at 82.59 against the dollar. According to Sriram Iyer, Senior Research Analyst at Reliance Securities, on Wednesday, the rupee started on a flat note and Asian and emerging market peers began mixed ahead of the US Fed's monetary policy decision. With the Fed widely expected to deliver its fourth straight 75 basis points rate hike, the key will be hints from Fed Chair Jerome Powell on the path forward, Iyer ...

NITI wants infra projects lagging for decades completed by FY23-end

Shortlists 494 projects, including 279 roads and highways worth Rs 1.92 trillion, petroleum projects worth Rs 1.11 trillion, almost a trillion rupees worth of railway projects

Rupee marks biggest monthly losing streak since 1985, braces for Fed move

Oil importers' dollar purchases, breach of technical levels drag rupee lower

Parliamentary panel plans to discuss effect of rupee depreciation on trade

A parliamentary panel on Monday decided to discuss the implications of rupee's depreciation on trade, despite opposition from its BJP members, sources said. The Parliamentary Standing Committee on Commerce, chaired by senior Congress leader Abhishek Manu Singhvi, met for the first time on Monday after reconstitution and deliberated upon the subjects need to be taken up for discussion, they said. During the meeting, Singhvi proposed that the implications of rupee's depreciation on trade be discussed. His proposal was strongly opposed by BJP MP Nishikant Dubey, a panel member, who said the depreciation was temporary and the panel should discuss subjects such as balance of trade, which have long-term implications. Dubey was supported by several other BJP MPs like Raju Bista, Rajkumar Chahar and Deepak Prakash. Almost all opposition MPs were in favour of taking up the matter, saying it was an important subject which needed wide discussions and studies. The panel is likely to call tra

Rupee pares initial gains, falls 31 paise to close at 82.78 against dollar

The rupee pared its initial gains and settled 31 paise lower at 82.78 (provisional) against the US dollar on Monday, tracking the strength of the American currency in the overseas market. At the interbank foreign exchange market, the local unit opened at 82.35 and witnessed a high of 82.32 and a low of 82.80. It finally settled at 82.78 against the American currency, registering a fall of 31 paise over its last close of 82.47. The Indian rupee depreciated on Monday amid strength in the US dollar. However, positive domestic equities and weak crude oil prices cushioned the downside, said Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas. Moreover, inflows by foreign investors supported the rupee at lower levels. "We expect the rupee to trade with a negative bias amid strong US dollar amid increasing odds of an aggressive rate hike by the Fed on Wednesday. Some recovery in crude oil prices may also weigh on Rupee," Choudhary added. Traders may remain cautious ahead of ..

Debate over Lakshmi-Ganesh on rupee: Can govt change look of banknotes?

In the case of coins, RBI's role is restricted only to the distribution of the coins

Sensex climbs 212 points amid mixed global cues; Tata Steel rises 3%

A strengthening rupee further bolstered sentiment, even as relentless foreign capital outflows restricted the gains, traders said.

Rupee, bonds gain on hopes of Federal Reserve slowing rate hikes

At 3:30 pm IST on Thursday, the US dollar index was at 110.09 as against 112.02 at the same time on Tuesday

Political currency or divine help?

Economic debates should be informed. Changing the currency notes or printing images of Lord Ganesh and Goddess Lakshmi on them will not help

Indian importers should use rupee's recovery to increase hedges: Analysts

The rupee was up at 82.3250 per US dollar, compared with 82.7250 in the previous session and the record low of 83.29 reached last week

The overvalued rupee: Managing exchange rate volatility and forex reserves

Since the 1950s, a cocktail of partisan domestic interests has resulted in the Reserve Bank of India and the Indian government favouring an overvalued rupee

Rupee trade with few nations may start, internationalisation will take time

Negotiations are on with Russia, Cuba and Sudan among others to do so. Officials are hopeful that Saudi Arabia, UAE and Luxembourg would also come on board

Rupee trade with few nations may start, internationalisation will take time

Rupee trade with few nations may start, internationalisation will take time

Top Headlines: Rishi Sunak to be UK's next PM, Samvat 2079 stocks & more

Rishi Sunak is set to become Britain's next prime minister as his rivals quit the race, which analysts said, relieved some of the nervousness around the outlook for the UK economy

Rupee weakens nearly 10% by end of Samvat 2078 on global pressures

A weakening bias in the rupee continued in October with foreign portfolio investment outflows, pushing it above 82 levels