Since the beginning of 2022, India's reserves have fallen 13.88 per cent from $633.6 billion to $545.6 billion
India Inc encourages FDI, raising dollar deposits from NRIs
With the rupee weakening against the US dollar, a more hawkish pivot by RBI is expected
The rupee had opened higher at 81.61, but was not able to sustain the gains on dollar buying by foreign banks and oil companies
The rupee appreciated 35 paise to 81.58 against the US dollar in early trade on Thursday as the American currency retreated from its elevated levels. At the interbank foreign exchange, the domestic unit opened at 81.60 against the dollar, then touched 81.58, registering a gain of 35 paise over its previous close. In initial trade, the rupee also touched 81.75 against the American currency. On Wednesday, the rupee plunged below the 82-mark for the first time in intraday trade before settling 40 paise down at 81.93 against the dollar. According to Sriram Iyer, Senior Research Analyst at Reliance Securities, the rupee opened stronger on Thursday, tracking the overnight weakness of the dollar and treasury yields. However, concerns on fiscal loosening and monetary tightening will keep the dollar supported and cap gains for the local currency. Most Asian and emerging market peers started weak on Thursday morning and will also cap gains in the rupee. "Investors now await the RBI's mon
Gold prices retreated, as prospects for more US interest rate hikes and a subdued outlook for global economic growth bolstered the dollar
Indian companies are still buying Russian oil using dollars after Dubai's Mashreq Bank declined to handle payments from at least two refiners in Emirati Dirhams
RBI may have sold more than $1 bln in FX mkt, prevented rupee from breaching 82/$1
Dollar gains help Nasdaq pip Nifty gains over a three-period
Brent crude futures were up 5 cents, or 0.06%, at $86.32 per barrel by 0937 GMT, while U.S. West Texas Intermediate crude futures were down 9 cents, or 0.1%, at $78.41 per barrel
Spot gold fell 0.6% to $1,619.79 per ounce, as of 0854 GMT. U.S. gold futures slipped 0.5% to $1,627.60
So far in 2022, the rupee has depreciated around 9.2% against US dollar
The rupee depreciated 40 paise to an all-time low of 81.93 against the US dollar in early trade on Wednesday as the strengthening of the American currency and risk-averse sentiment among investors weighed on the local unit. Moreover, a negative trend in domestic equities and significant foreign fund outflows sapped investor appetite, forex traders said. At the interbank foreign exchange, the rupee opened at 81.90 against the greenback, then fell to 81.93, registering a fall of 40 paise over its previous closing. On Tuesday, the rupee consolidated in a narrow range and settled 14 paise higher at 81.53 against the dollar. The rupee opened weaker on Wednesday as the dollar resumed its upward momentum supported by hawkish Fed talk, said Sriram Iyer, Senior Research Analyst at Reliance Securities. The local unit could track the weakness of the Asian and emerging market peers, Iyer said, adding that a delay in local bonds' inclusion for listing on a major global index this year could al
Meanwhile, benchmark US 10-year Treasury yields rose to 4% for the first time since 2010, topping at 4.004%. The two-year yields stood at 4.2912%
The group has earmarked 70 per cent of its new investments for energy transition space and infrastructure. "We are already the world's largest solar player, and we intend to do far more
Crude soared in early 2022, with Brent coming close to its all-time high of $147 in March after Russia invaded Ukraine, adding to supply concerns
Spot gold rose 0.9% to $1,636.30 per ounce as of 0833 GMT. Prices had hit an April 2020 low of $1,620.20 on Monday
The rupee appreciated 37 paise to 81.30 against the US dollar in early trade on Tuesday as the American currency retreated from its elevated levels. At the interbank foreign exchange, the domestic unit opened at 81.45 against the dollar, then touched 81.30, registering a gain of 37 paise over its previous close. On Monday, the rupee plunged 58 paise to close at an all-time low of 81.67 against the dollar. According to Sriram Iyer, Senior Research Analyst at Reliance Securities, the rupee appreciated against the greenback as the dollar took a breather. According to experts, focus will now shift to RBI's meeting this week, with its decision due on Friday. "Most Asian and emerging market peers have started mixed, but a positive start in the equity futures could aid sentiments. The dollar index was marginally weaker, while the Euro, Sterling and the Yen strengthened against the greenback in this Tuesday morning trade," Iyer said. Meanwhile, the dollar index, which gauges the greenbac
The People's Bank of China has already stepped up its currency defense, but it did little to stop the depreciation.
India VIX index jumps 6% to June level