RBI nudges banks to ease up on offshore FX positions
Reserves have declined by about $1 trillion, or 7.8%, this year to $12 trillion, the biggest drop since Bloomberg started to compile the data in 2003
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Travellers may switch to destinations against whose currencies the rupee has gained
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
The Indian rupee continued to depreciate as it hit the all-time low of 81.63 against the US dollar on Monday. Even though it doesn't spell bad news for all the sectors, what will be the implications?
Forex traders await cues on RBI's intervention strategy post the recent slump in rupee
Many banks in India are planning to open such special vostro accounts for settling trade transactions with other nations
In July, the RBI had unveiled a mechanism to settle international transactions in rupee to promote the growth of global trade, with emphasis on exports from India
The rupee witnessed a range-bound trading in early trade on Thursday as a firm American currency and concerns about hawkish US Fed offset the support from positive domestic equities. At the interbank foreign exchange, the domestic unit opened at 79.53 against the dollar, then touched 79.47 in initial deals, registering a gain of 5 paise over its previous close. On Wednesday, the rupee declined by 35 paise to close at 79.52 against the US currency. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.06 per cent to 109.72. Brent crude futures, the global oil benchmark, fell 0.11 per cent to USD 94 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 275.51 points or 0.46 per cent up at 60,622.48. Similarly, the broader NSE Nifty rose 36.15 points or 0.2 per cent to 18,039.90. Foreign Institutional Investors (FIIs) were net sellers in the capital markets, as they offloaded shares worth Rs 1,397.51 crore on ...
The Japanese currency hovered at 143.02 in Asia after jumping on Wednesday when the country's central bank checked on exchange rates with banks - a possible preparation for yen buying
The local currency had been trading at 1,390.9 won against the US dollar as of 11 a.m. (local time), down 17.3 won from the previous session's close, reports Yonhap News Agency
Profit-taking after a sharp extension of the dollar's long rally also took hold and the pullback was broad
The rupee appreciated 8 paise to 79.61 against the US dollar in opening trade on Friday, tracking the dollar's decline versus its major peers and foreign fund inflows. At the interbank foreign exchange, the domestic unit opened at 79.66 against the dollar, then touched 79.61 in initial deals, registering a gain of 8 paise over its previous close. On Thursday, The rupee rose by 26 paise to close at a week's high of 79.69 against the American currency. The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.72 per cent to 108.92, as markets digested yet more hawkish Fed. The US Federal Reserve Chair, Jerome Powell on Thursday said he is "strongly committed" to fighting inflation. Meanwhile, the European Central Bank raised its key interest rates by an unprecedented 75 basis points. "ECB raised interest rates by 75 bps, taking the euro higher and the dollar index lower at 109.08 levels. Brent oil remains below USD 90 per barrel. Asian curre
Exporters that have shipped goods and expect to earn euros, pounds and the yen are eyeing ways to manage the currency risk as the dollar surges against its major peers
For the last several months, dollar-yen has been the currency pair most sensitive to U.S. rate expectations
The rupee appreciated 27 paise to 79.68 against the US dollar in opening trade on Thursday, tracking its Asian peers, and easing crude oil prices. At the interbank foreign exchange, the domestic unit opened at 79.72 against the dollar, then touched 79.68 in initial deals, registering a gain of 27 paise over its previous close. On Wednesday, the rupee declined by 13 paise to close at 79.95 against the US currency. The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.05 per cent to 109.78. Brent crude futures, the global oil benchmark, advanced 1.06 per cent to USD 88.93 per barrel. The rupee opened on a positive note as crude oil fell below USD 90 per barrel, the dollar index eased to 109.78 and Asian currencies gained slightly, said Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors. Forex traders said the currency could weaken further tracking the strength of the dollar ahead of US Federal Reserve Chair Jerome Powell's s
The rupee depreciated by 14 paise to 79.70 against the US dollar in opening trade on Friday, weighed down by strength of the American currency in the overseas market. At the interbank foreign exchange market, the rupee opened at 79.63 against the greenback, then fell further to 79.70, registering a decline of 14 paise over its last close. On Thursday, the rupee declined by 4 paise to close at 79.56 against the dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.12 per cent to 109.55. The rupee opened on a weak note as the dollar index advanced to 109.60 with the British pound falling to its lowest in two years while Yen touched the 140-mark, said Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors. Forex traders said though oil prices remained subdued, weak Asian and emerging market peers and higher inflation expectation might weigh on the local currency. The global oil benchmark Brent crude futures ..
A solid U.S. manufacturing survey overnight was enough to push the greenback above 140 yen for the first time since 1998 and it also hit a 2-1/2 year high against sterling