Page 46 - Us Dollar

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

However, the Indian unit fares better than Asian peers

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

Bolivia is latest South American nation to use China's yuan for trade

Bolivia is now using the yuan to pay for imports and exports, becoming the latest country in South America to regularly use the Chinese currency in a small but growing challenge to the hegemony of the U.S. dollar for international financial transactions in the region. Between May and July of this year, Bolivia conducted financial operations amounting to 278 million Chinese yuan ($38.7 million), which accounts for 10% of its foreign trade during that period, Economy Minister Marcelo Montenegro said on Thursday. We're already using the yuan. It's a reality and a good start, Montenegro said during a news conference. Banana, zinc, and wood manufacturing exporters are conducting transactions in yuan, as well as importers of vehicles and capital goods. These electronic transactions are carried out through the state-owned Banco Unin. The amount being used in yuan is still relatively small, but it will increase over time, Montenegro said. With these transactions, Bolivia joins other countr

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 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

Strong foreign inflows buoy rupee, government bonds reverse losses

The index measures strength in the Greenback against a basket of six major currencies

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

Rupee settles flat at 82.03 against dollar, supported by positive equities

The rupee consolidated in a narrow range and settled flat at 82.03 (provisional) against the US dollar on Tuesday, as the support from positive domestic equities and weak American currency was negated by rising crude oil prices. Market participants remained cautious ahead of retail sales data from the US and the UK's inflation data this week, forex traders said. At the interbank foreign exchange market, the rupee opened at 82.01 against the US dollar and finally settled at 82.03 (provisional), unchanged from its previous close. During the session, the domestic unit witnessed an intra-day high of 81.97 and a low of 82.07. In the previous session on Monday, the rupee had closed at 82.03 against the dollar. The rupee traded with a slight positive bias on a soft dollar and bullish domestic markets. Domestic markets hit new record highs which boosted the local currency. The US dollar has declined to a 15-month low on rising expectations of just one more rate hike by the US Federal Res

RBI continues dollar-buying spree, accumulates $16 billion since Feb

Central bank purchased $7.7 bn in April, the most in two years, and $7.37 bn in May

RBI's returns from investments are set to jump by $6-8 bn in FY24

The globally elevated interest rates are set to buoy the returns from the Reserve Bank's foreign investments to the tune of USD 6-8 billion this fiscal, which will help the monetary authority pay higher dividend to the government and also buffer up the forex reserves a la the FY21 fashion, says an overseas brokerage report. Traditionally the RBI parks more than 70 per cent of the assets overseas, mostly in the US treasury bill, where the interest rates have been on northward ho for a long now. Similar is the case in the EU and elsewhere along with the domestic rates. For the week to July 7, the forex reserves rose by USD 1.23 billion to USD 596.3 billion, but still vastly down from the USD 645 billion peak in October 2021. The reserves have been declining as RBI deploys the kitty to defend the rupee amid pressures caused majorly by global developments. Of the total, the major component of foreign currency assets increased by USD 989 million to USD 528.97 billion. The RBI returns ha

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

Rupee to climb after dollar's fall on weaker than expected US jobs data

Non-deliverable forwards indicate the rupee will open at around 82.60-82.62 to the U.S. dollar, compared with 82.74 in the previous session

Who can dethrone the US dollar?

There is little conflict between dollar domination and Indian success

Rupee hits six-week low against US dollar, loses 1% against greenback

Stronger-than-expected job data firmed up expectation of further interest rate hike by the US Federal Reserve

Decoded: What is internationalisation of rupee? How will it benefit India?

What does the internationalisation of the Indian rupee mean and how will it make India a competitor of the US dollar? Decoded here

China's forex reserves rise by $16.49 billion to $3.193 trillion in June

The yuan fell 2% against the dollar in June, while the dollar last month fell 1.2% against a basket of other major currencies

Rupee weakens by 21 paise as oil importers' demand for dollar grows

A stop loss is a type of order that investors or traders use to limit their potential losses in the market, said experts