Page 39 - Us Dollar

Rupee depreciates 5 paise to 83.33 against US dollar in early trade

The rupee depreciated 5 paise to 83.33 against the US dollar in early trade on Friday, tracking a strong greenback overseas and a positive trend in domestic equities. However, elevated crude prices in international markets and unabated foreign capital outflows capped the gains in domestic unit, forex traders said. At the interbank foreign exchange, the domestic unit opened weak at 83.30 against the dollar and then further slipped to 83.33, registering a fall of 5 paise over its previous close. In the initial trade, the domestic unit was moving in a tight range of 83.35-83.30 against the American currency. In the previous session on Thursday, the rupee had settled at 83.28 against the dollar. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.09 per cent to 105.54. Brent crude futures, the global oil benchmark, rose 0.35 per cent to USD 89.32 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 103.64 point

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Rupee appreciates 6 paise to 83.30 against US dollar in early trade

The rupee appreciated 6 paise to 83.30 against the US dollar in early trade on Tuesday, supported by a firm trend in domestic equities. At the interbank foreign exchange market, the local unit opened at 83.37 against the greenback. It later touched 83.30 in initial trade, registering a rise of 6 paise from its previous close. On Monday, the rupee appreciated by 8 paise to close at 83.36 against the US dollar. "There has been no adverse geopolitical development in the last 24 hours and that has helped restore some confidence and improved market sentiment," IFA Global Research Academy said in a research note. "Markets are looking forward to earnings from US' big tech companies and if they meet or beat expectations, we could see risk sentiment remain stable for some time despite elevated US yields," the note said, adding that the rupee is likely to trade in 83.25-83.40 range with sideways price action. Meanwhile, the dollar index, which gauges the greenback's strength against a baske

Rupee appreciates 5 paise to 83.39 against US dollar in early trade

The rupee appreciated 5 paise to 83.39 against the US dollar in early trade on Monday, supported by a firm trend in domestic equities. Forex traders said the local unit gained ground as the American currency and crude oil prices retreated from their elevated levels. At the interbank foreign exchange market, the local unit opened at 83.40 against the greenback. It later touched 83.39 in initial trade, registering a rise of 5 paise from its previous close. On Friday, the rupee appreciated 8 paise to close at 83.44 against the US dollar. Forex traders said there was likely some intervention by the Reserve Bank of India which resulted in the pullback of the local unit. "The Indian forex reserves fell to USD 643.162 billion after rising for 7 weeks in succession as the Reserve Bank of India (RBI) would have sold dollars to rein in the rupee," said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP. Meanwhile, India's forex reserves dropped by USD

As oil rises, rupee falls 6 paise to 83.58 against US dollar in early trade

The rupee depreciated 6 paise to 83.58 against the US dollar in early trade on Friday, weighed down by a negative trend in domestic equities and elevated crude oil prices. Forex traders said the strength of the American currency in the overseas market also dented investor sentiments. At the interbank foreign exchange, the rupee opened at 83.58 against the dollar, registering a fall of 6 paise over its previous close. The local unit pared the initial losses and also touched a high of 83.46 against the American currency in early trade on Friday. On Thursday, the rupee rebounded from its all-time low level and closed 9 paise higher at 83.52 against the US dollar Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was at 106.17, higher by 0.02 per cent. Brent crude futures, the global oil benchmark, rose 2.46 per cent to USD 89.25 per barrel. "Brent Oil prices moved up to USD 90.48 per barrel after Iran threatened to review its stan

Rupee appreciates 12 paise to 83.49 against US dollar in early trade

The rupee rebounded from its all-time low levels and appreciated 12 paise to 83.49 against the US dollar in early trade on Thursday, supported by a firm trend in domestic equities and tracking gains in Asian currencies. Forex traders said the local unit gained ground as the American currency retreated from its elevated levels. At the interbank foreign exchange market, the local unit opened at 83.51 against the greenback. It later touched 83.49 in initial trade, registering a rise of 12 paise from its previous close. On Tuesday, the rupee plunged 17 paise to hit its lowest level of 83.61 against the US dollar for the second time in four weeks. Forex and money markets were closed on Wednesday on account of 'Ram Navami'. The Indian rupee which closed at record lows on Tuesday opened around 83.51 this morning as Asian currencies gained a bit against the dollar, said Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP. The rupee is likely to trad

Rupee hits new low of 83.54 against US dollar amid global worries

The Reserve Bank of India likely intervened in the foreign exchange market by selling dollars through state-owned banks, which protected the rupee from further depreciation

Rupee depreciates 9 paise to 83.53 against US dollar in early trade

The rupee depreciated 9 paise to 83.53 against the US dollar in early trade on Tuesday, weighed down by a strong American currency and elevated crude oil prices. Forex traders said a negative trend in domestic equities and sustained foreign fund outflows also dented investor sentiments. According to interbank foreign exchange, the rupee opened at 83.51 against the dollar and touched a low of 83.53 in the initial trade, registering a fall of 9 paise over its previous close. On Monday, the rupee declined 6 paise to settle at 83.44 against the US dollar. Rupee fell further as foreign portfolio investors continued to buy dollars and sell stocks on risk aversion due to Middle East tensions and US yields heading higher, said Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP. "Need to watch what the Reserve Bank of India (RBI) does to counter the rupee depreciation," Bhansali added. Meanwhile, the dollar index, which gauges the greenback's streng

Rupee depreciates 6 paise to 83.44 against US dollar in early trade

The rupee declined 6 paise to 83.44 against the US dollar in early trade on Monday, tracking negative equity markets and withdrawal of foreign funds amid renewed concerns over geopolitical tensions in the Middle East. Forex traders said a strong American currency in the overseas market and curde oil prices hovering above USD 90 per barrel also dented investor sentiments. At the interbank foreign exchange, the rupee opened at 83.46 against the dollar and gained slightly to 83.44 in the initial trade, registering a fall of 6 paise over its previous close. On Friday, the rupee closed 7 paise lower at 83.38 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 lower at 105.75. The higher dollar index was attributed to diminishing expectations of an immediate rate cut by the US Federal Reserve. Brent crude futures, the global oil benchmark, declined 0.31 per cent to USD 90.17 per barrel.

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Rupee appreciates 15 paise to 83.16 against US dollar in early trade

The rupee appreciated 15 paise to 83.16 against the US dollar in early trade on Wednesday, tracking its Asian peers amid a positive trend in domestic equities. Forex traders said investor sentiments got a boost as crude oil prices retreated from their elevated levels. At the interbank foreign exchange market, the local unit opened at 83.23 against the greenback. It later touched 83.16 in initial trade, registering a rise of 15 paise from its previous close. On Monday, the rupee settled on a flat note at 83.31 against the US dollar. Forex and money markets were closed on Tuesday on account of 'Gudhipadwa'. "The Indian rupee is expected to rise to 83.21 levels as the dollar remained sideways and Asian currencies rose this morning," said Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 104.14. Brent crude futures, the globa

US dollar drifts lower ahead of inflation data; yen nears 34-year lows

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Rupee rises 8 paise to 83.23 against US dollar in early trade today

The rupee appreciated 8 paise to 83.23 against the US dollar in early trade on Monday, supported by positive domestic equities and fresh foreign fund inflows. Forex traders said investor sentiments got a boost as crude oil prices retreated from their elevated levels, while the strength of the American currency in the overseas market weighed on the local unit and restricted the up move. At the interbank foreign exchange market, the local unit opened at 83.27 against the greenback. It later touched 83.23 in initial trade, higher 8 paise from its previous close. On Friday, the rupee appreciated 8 paise to close at 83.31 against the US dollar as the Reserve Bank of India kept the benchmark interest rate unchanged at 6.5 per cent for the seventh time in a row. The rupee is expected to trade in a range as the Reserve Bank continues to protect it from falling further while inflows may bring it to 83.20, Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors

German investigators seize fake US bills with a face value of over $103 mn

German investigators said on Friday they have seized counterfeit US dollar bills with a face value of over USD 103 million, which apparently came from Turkey and were being stored ahead of transport to the United States. The criminal police office in Schleswig-Holstein, Germany's northernmost state, said officers found 75 cartons of fake dollars in searches of an apartment and two company addresses after tips from US authorities led them to firms run by a man who is suspected of exporting counterfeit money to the US in the past. The bills, known as prop copy or movie money," could be recognised as fakes when scrutinised closely, but Germany's central bank and US authorities believe they could be mistaken for real money in everyday life, police said in a statement. They believe the counterfeits came from a wholesaler in Turkey who was using one of the suspect's export firms in Juebek, near the Danish border, for interim storage before the bills were shipped to the US. The 42-year-ol

Rupee rises 9 paise to 83.30 against US dollar post RBI policy decision

The rupee appreciated 9 paise to close at 83.30 (provisional) against the US dollar as the Reserve Bank of India on Friday kept the benchmark interest rate unchanged at 6.5 per cent for the seventh time in a row. However, a strong US dollar against major rivals overseas and elevated crude oil prices capped sharp gains for the local unit, forex traders said. At the interbank foreign exchange market, the local unit opened at 83.44 against the greenback. The unit hit an intra-day high of 83.26 and a low of 83.45. The local unit finally settled at 83.30 (provisional) against the dollar, 9 paise higher from its previous close. On Thursday, the rupee recovered 14 paise to close at 83.39 against the US dollar. The rupee gained as the RBI's monetary policy remained the focus. The central bank kept CPI and GDP projections for FY25 unchanged at 4.5 per cent and 7 per cent, respectively, said Anuj Choudhary Research Analyst, Sharekhan by BNP Paribas. "After a detailed assessment of the evol

Rupee declines 6 paise to 83.45 against US dollar in early trade today

The rupee depreciated 6 paise to 83.45 against the US dollar in early trade on Friday, as market participants remained cautious ahead of the announcement of the Reserve Bank of India's rate-setting panel's decision. Forex traders said the local unit was also weighed down by a strong American currency and elevated crude oil prices. Moreover, a negative trend in domestic equities and sustained foreign fund outflows also dented investor sentiments. According to interbank foreign exchange, the rupee opened at 83.44 against the dollar and touched a low of 83.45 in the initial trade, registering a fall of 6 paise over its previous close. On Thursday, the rupee recovered 14 paise to close at 83.39 against the US dollar. Traders said market participants are awaiting the RBI MPC policy decision for further cues. The Reserve Bank's rate-setting panel on Wednesday started its three-day deliberations on the next set of monetary policy. The decision taken at the meeting of the Reserve Bank ...

Rupee trades in narrow range at 83.36 against US dollar in early trade

Forex traders said a negative trend in domestic equities and the overall strength of the American currency in the overseas market weighed on investor sentiments

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Consultants urge govt to allow deals involving foreign currencies via RBI

Consultants and service providers have urged the government to stop routing domestic deals involving foreign currencies like dollars via the US banking system to avoid transaction fees and save foreign currency. Intercontinental Consultants and Technocrats (ICT) chairman K K Kapila said at present a transaction fee is levied on US dollar transactions within the country. Citing an example, Kapila said payment in USD from Delhi to even nearby Faridabad from one entity to the other in the current dispensation is required to be undertaken through the US banking system. "This should be undertaken directly through the Reserve Bank of India and there should be no requirement of routing them through the American Banking system," he said. Kapila pointed out that a small country like the Philippines does not route its internal foreign exchange transactions through the United States. India can also do the same, he added.