Page 34 - Us Dollar

Global stock sell-off on slowdown concern pushes Indian rupee to record low

Investor sentiment soured after weaker-than-expected US factory data prompted growth concerns while tensions about a widening conflict in the Middle East weighed

Rupee turns flat at 83.73 against US dollar amid high crude oil prices

The rupee turned flat at 83.73 against the US currency on Friday amid weak equity markets and an upward movement in crude oil prices overseas. According to forex traders, the Indian currency found support due to softening dollar against major rivals following the US Federal Reserve's decision to maintain the status quo on interest rates and some inflow of foreign capital into Indian equities. At the interbank currency exchange, the domestic currency opened at 83.74 and inched up to trade at 83.73 against the dollar, the previous day's closing level. On Thursday, the rupee declined 5 paise to settle at 83.73 against the US dollar. Anand James, Chief Market Strategist, Geojit Financial Services, said the rupee's weakness was capped by "a likely intervention from the Reserve Bank of India, which sold dollars through state-run banks". "The next key US economic release is the July jobs report, expected on Friday," he added. Meanwhile, the dollar index, which gauges the greenback's str

Rupee rises 2 paise to 83.71 against US dollar during early trade

The rupee rose 2 paise to 83.71 against the US currency in early trade on Wednesday following a marginal dip in the dollar in overseas markets. At the interbank currency exchange, the domestic currency opened at 83.72, 1 paisa higher than the previous day's close. The domestic unit moved in the tight range of 83.70-83.72 in early trade. Forex traders said the rise in Brent crude oil prices offset the rupee's gains following the decline in dollar rates overseas. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, declined 0.19 per cent to 104.36. Brent crude futures -- the global oil benchmark -- rose 1.49 per cent to USD 79.80 per barrel. All eyes will be on the US Fed rate announcement later in the day. Expectations are ripe that the Federal Reserve might signal a rate cut as early as September. In the domestic equity market, the 30-share BSE Sensex showed volatility, rising over 200 points in early trade to reach a record high

Room for India's DPI to diversify digital trade, says RBI report

According to Das, in the rapidly evolving technology landscape, balancing financial stability, customer protection and competition will remain the key policy challenge

Rupee rises 2 paise to 83.72 against US dollar during early trade

The rupee appreciated by 2 paise to trade at 83.72 against the US currency in the early session on Monday amid a weak dollar in the overseas markets. At the interbank foreign exchange market, the rupee opened firm at 83.70 against the US dollar. The local currency moved in a tight range of 83.70 to 83.72 in early trade. The rupee was trading at 83.72 against the US dollar at 9.30 am. Foreign fund outflows from Indian equities after the government's decision to hike the tax rate on capital gains weighed on the local currency and restricted the upmove, forex traders said. The domestic currency had recovered from its all-time low by 5 paise to settle at 83.73 against the US dollar on Friday, on the strength in domestic markets and expectations of fresh foreign inflows. In the domestic equity market, the 30-share BSE Sensex hit an all-time high, rising 355.7 points, or 0.44 per cent, to 81,688.42 in early trade on Monday. Meanwhile, the dollar index, which gauges the greenback's stre

Rupee may bounce back in Aug on weak dollar, US rate cut hopes: BS poll

But some see it hitting 84/$ tracking Asian peers

Rupee appreciates 4 paise to 83.57 against US dollar in early trade

The rupee appreciated 4 paise to 83.57 against the US dollar in early trade on Tuesday, supported by positive trend in domestic equities and foreign fund inflows. Forex traders said dollar demand from local importers limited the rupee's upward momentum. At the interbank foreign exchange market, the rupee opened at 83.59 and gained ground to trade at 83.57 against the greenback in initial deals, registering a rise of 4 paise from its previous closing level. On Monday, the rupee depreciated 10 paise to 83.61 against the US dollar. "The Indian rupee is currently caught in a tug-of-war between negative and positive forces, trading within a tight range," CR Forex Advisors MD Amit Pabari said, adding that continuous intervention by the Reserve Bank of India has helped prevent significant depreciation. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was at 104.33, higher by 0.14 per cent, driven by stronger-than-expected US Producer

Bond futures fall, dollar firm as markets grapple with US politics

A holiday in Japan made for thin trading conditions and the early action was confined to a modest rise in the dollar

Rupee appreciates 2 paise to 83.49 against US dollar in early trade

The rupee traded in a narrow range and appreciated 2 paise to 83.49 against the US dollar in early trade on Thursday, as a positive trend in domestic equities supported the local unit, while elevated crude oil prices weighed on investor sentiments. At the interbank foreign exchange market, the local unit opened at 83.49, registering a rise of 2 paise from its previous close. On Wednesday, the rupee stayed range-bound and settled 2 paise lower at 83.51 against the US dollar. "Persistent demand for the dollar from local importers has capped the rupee's potential gains, yet its outlook remains optimistic, buoyed by recent positive economic indicators," CR Forex Advisors MD-Amit Pabari said. Pabari further said the rupee's outlook is supported by strong foreign inflows, a positive economic forecast, and India's impressive macroeconomic growth, currently the fastest among large economies. The Reserve Bank of India (RBI) appears determined to prevent the rupee from depreciating below 83

Rupee trades flat at 83.49 against US dollar during early session

The rupee traded flat at 83.49 against the US currency in the early session on Tuesday amid losses in domestic equities and easing crude oil prices. At the interbank foreign exchange market, the rupee opened flat at 83.49 against the US dollar. The local currency moved in a restricted range of 83.49 to 83.50 against the greenback in early trade. The rupee had edged up 1 paisa to close at 83.49 against the US dollar on Monday ahead of the key testimony of US Federal Reserve Chair Jerome Powell in front of Congress. Powell's testimony offered little new guidance on the US central bank's plans for when it might cut interest rates. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, eased 0.03 per cent from overnight high levels to 105.09. Brent crude, the global oil benchmark, declined 0.26 per cent to USD 84.44 per barrel in futures trade. In the domestic equity market, the 30-share BSE Sensex dropped by 143.15 points or 0.18 per c

Rupee rises 5 paise to 83.44 against US dollar as crude prices come down

The rupee appreciated 5 paise to 83.44 against the US dollar in early trade on Monday, as the American currency and crude oil prices retreated from their elevated levels. Forex traders said foreign fund inflows also aided investors' sentiments and supported the rupee. At the interbank foreign exchange market, the local unit opened at 83.45 and gained further to 83.44 against the greenback, registering a rise of 5 paise from its previous close. On Friday, the rupee settled at 83.49 against the US dollar. According to CR Forex Advisors MD Amit Pabari the Reserve Bank of India (RBI) seems determined to prevent the rupee from depreciating below 83.70. Even with pressure from oil companies due to elevated oil prices. "Overall, positive economic indicators such as a good growth rate, stable inflation, a reduced fiscal deficit, record-high RBI forex reserves, and a pipeline of inflows are all supportive factors that should ideally bolster the rupee," Pabari said, adding that given these

Rupee rises 5 paise to 83.45 against US dollar during early trade

The rupee appreciated 5 paise to 83.45 against the US dollar in early trade on Friday, as the American currency retreated from its elevated levels and was supported by significant foreign fund inflows. At the interbank foreign exchange market, the local unit opened at 83.48 and gained further to 83.45 against the greenback, registering a rise of 5 paise from its previous close. On Thursday, the rupee pared its initial losses and settled for the day on an almost flat note at 83.50 against the US dollar. Forex traders said rising crude oil prices weighed on investor sentiments and restricted the upside. Brent crude futures, the global oil benchmark, declined 0.37 per cent to USD 87.11 per barrel. "The pressure stems from oil marketing companies purchasing crude in anticipation of further price hikes, with Brent oil hovering around USD 87 per barrel. Additionally, it appears the Reserve Bank of India (RBI) is managing the rupee's volatility, capping both its upward and downward ...

As crude oil prices rise, rupee falls 5 paise to 83.54 against US dollar

The rupee depreciated 5 paise to 83.54 against the US dollar in early trade on Thursday, weighed down by elevated crude oil prices. Forex traders said a positive trend in domestic equities, wherein benchmark indices touched all-time high levels and significant foreign fund inflows supported the rupee and restricted the fall. At the interbank foreign exchange market, the rupee opened at 83.52 and lost further ground to trade at 83.54 against the greenback in initial deals, registering a fall of 5 paise from its previous closing level. On Wednesday, the rupee settled 1 paisa lower at 83.49 against the US dollar. "Though the equity markets are shining bright, the Indian rupee has been trading flat to weaker, despite a drop in the dollar towards 105.04 and US 10-year yields touching 4.35 per cent, post the US service PMI data and ADP non-farm employment change data were weaker than expected," CR Forex Advisors MD Amit Pabari said. According to Pabari, crude oil prices have risen neari

Rupee falls 5 paise to 83.53 against US dollar during early trade

The rupee depreciated 5 paise to 83.53 against the US dollar in early trade on Wednesday, weighed down by the strong American currency and elevated crude oil prices. Forex traders said the rupee is trading in a narrow range as US dollar buying by oil companies and Foreign Portfolio Investors (FPIs) further dented investor sentiment, while a firm trend in domestic equities supported the rupee at lower levels. At the interbank foreign exchange market, the rupee opened at 83.51 and lost further ground to trade at 83.53 against the greenback in initial deals, registering a fall of 5 paise from its previous closing level. On Tuesday, the rupee depreciated 4 paise to settle at 83.48 against the US dollar. "... Global factors such as the elevated US DXY around 105.50, the depreciation of the Yen and Yuan, and the rise in US bond yields have prevented the rupee from gaining significant strength and moving away from its multi-month low," CR Forex Advisors MD Amit Pabari said. Rupee traders

Rupee falls 12 paise to 83.56 against US dollar during early trade

The rupee depreciated 12 paise to 83.56 against the US dollar in early trade on Tuesday, weighed down by the strengthening of the American currency in the overseas markets and elevated crude oil prices. Forex traders said oil importers and foreign portfolio investors (FPIs) bought US dollars amid rising US yields, and this dragged down the local unit. At the interbank foreign exchange market, the rupee opened at 83.51 and lost further ground to trade at 83.56 against the greenback in initial deals, registering a fall of 12 paise from its previous closing level. On Monday, the rupee depreciated 10 paise to settle at 83.44 against the US dollar. The rupee had dollar inflows and rose to 83.37 on Monday, but was sold-off to 83.44 levels, as oil and FPIs bought dollars looking at rising US yields, said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP. On Tuesday, rupee is likely to touch 83.55 before cooling off to 83.45, Bhansali said, adding t

Forex reserves rise by $810 mn to $653.7 bn as on June 21: RBI data

The Reserve Bank of India (RBI) intervenes in the foreign exchange market to curb excess volatility in the rupee

Tamil Nadu govt to establish international airport in Hosur: CM MK Stalin

The Tamil Nadu government will set up an international airport on 2,000 acres of land in Hosur with a capacity to handle 30 million passengers a year and to cater the increasing industrial needs in Krishnagiri and Dharmapuri districts, Chief Minister M K Stalin informed the Assembly on Thursday. The presence of an airport will help the overall socio-economic development of the region, not just Hosur alone, the chief minister said. "I am pleased to announce in this House that an international airport will be set up on 2,000 acres of land in Hosur, capable of handling 30 million passengers per annum," Stalin said, making the announcement under rule 110 in the Assembly. It was hailed by various political parties in the House. After the DMK came to power, Tamil Nadu made rapid progress in all sectors and the state moved up to numero uno position in India in the Export Preparedness Index for 2022, he said. "Tamil Nadu is India's leading state in exports of motor vehicles, ancillaries,

Rupee appreciates 8 paise to 83.49 against US dollar in early trade

The rupee appreciated 8 paise to 83.49 against the US dollar in early trade on Thursday, as crude oil prices retreated from their elevated levels. Forex traders said the strength of the American currency in the overseas market and foreign fund outflows weighed on the local unit and restricted the upmove. At the interbank foreign exchange market, the local unit opened at 83.56 and gained further ground to trade at 83.49 against the greenback in initial deals, registering an increase of 8 paise from its previous closing level. On Wednesday, the rupee depreciated 14 paise against the US dollar and settled at 83.57. "Stronger fundamentals such as stable inflation, accelerated economic growth, higher business activity, and a controlled Current Account Deficit offer a counterbalance supporting the rupee. Additionally, continuous RBI intervention has also helped prevent significant rupee depreciation," CR Forex Advisors MD Amit Pabari said. Meanwhile, the dollar index, which gauges the .

Rupee sees range-bound trade against US dollar during morning deals

The rupee witnessed range-bound trading against the US dollar in early trade on Monday, amid a negative trend in the domestic equity market. Forex traders said the strength of the American currency in the overseas market and elevated crude oil prices also weighed on the local unit and restricted the upmove. At the interbank foreign exchange market, the local unit opened at 83.52 and gained further to trade at 83.45 against the greenback in initial deals, registering an increase of 12 paise from its previous closing level. On Friday, the rupee hit the lowest level of 83.63 but finally settled at 83.57 against the dollar, registering a gain of 4 paise from its previous close. "Price action on Friday seemed to indicate purposeful intervention by the central bank," IFA Global said in a research note, adding that the rupee is likely to trade in 83.40-83.67 range with sideways price action. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six ...

Rupee depreciates 4 paise to 83.48 against US dollar in early trade

The rupee fell 4 paise to 83.48 against the US dollar on Thursday due to firm American currency and an upward trend in crude oil prices overseas. The local unit resisted the fall amid the unabated inflow of foreign capital but gave in to the pressure due to a muted trend in the domestic equity markets, forex traders said. At the interbank foreign exchange market, the local unit opened at 83.43 and lost further to 83.48 against the greenback, registering a fall of 4 paise from its previous close. On Wednesday, the rupee settled 1 paisa lower at 83.44 against the US dollar. "The local currency's upward momentum was halted by a strong US dollar and rising crude oil prices in the international market," said Anand James, Chief Market Strategist, Geojit Financial Services. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.02 per cent at 104.90. Brent crude futures, the global oil benchmark, advanced 0.02 per c