Page 18 - Indian Rupee

Rupee appreciates 28 paise to 79.25 against US dollar in early trade

The rupee appreciated 28 paise to 79.25 against the US dollar in opening trade on Tuesday, tracking the dollar's decline versus its major peers and foreign fund inflows. At the interbank foreign exchange, the domestic unit opened at 79.30 against the dollar, then touched 79.25 in initial deals, registering a gain of 28 paise over its previous close. On Monday, the rupee rose 4 paise to close at 79.53 against the American currency. The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.12 per cent to 108.20. Brent crude futures, the global oil benchmark, fell 0.21 per cent to USD 93.80 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 292.69 points or 0.49 per cent up at 60,407.82. Similarly, the broader NSE Nifty rose 93.25 points or 0.52 per cent to 18,029.60. Foreign Institutional Investors (FIIs) were net buyers in the capital markets, as they purchased shares worth Rs 2,049.65 crore on Monday, according

Rupee ends 6 paise up against dollar at 79.52 ahead of inflation data

Brent crude oil prices were at $93.78 a barrel by the closing of Indian market hours

Rupee shown more resilience than other currencies in recent years: Goyal

Indian rupee has shown more resilience than most of the other currencies in recent years and the compounded average growth rate of depreciation is lower as compared to pre-2014, commerce and industry minister Piyush Goyal has said. He also said that exporters should not be dependent on a depreciating rupee and they should stand on their own based on the quality of products and ability to serve the needs of customers in the global markets. "I do not think there is any comfortable or uncomfortable level for the rupee. Rupee finds its own place. It's a function of several natural factors -- a function of inflation, capital flows and the risk-reward ratio in each country. I am happy that the Indian rupee has shown more resilience than most of the currencies in recent years," Goyal said in a media interaction. To a query on what could be the comfortable level of the rupee where it does not hurt imports, and make exports competitive, the minister said: "If you look at the Indian rupee ...

Indices see best weekly gains in over a month; IT, pvt bank stocks lead

Both indices ended the day off their intraday highs, with the Sensex finishing at 59,793, up 105 points or 0.18 per cent, while the Nifty50 at 17,833, up 35 points or 0.2 per cent

Bonds, rupee strengthen as crude oil prices fall below $90 a barrel

Hope of global index inclusion drags down bond yields, FPI flows bolster rupee

Rupee rises 23 paise to close at 79.72 vs dollar amid easing crude prices

The rupee appreciated 23 paise to close at 79.72 (provisional) against the US dollar on Thursday amid easing crude oil prices and a firm trend in domestic equities. At the interbank forex market, the local unit opened at 79.72 against the greenback. It witnessed an intra-day high of 79.65 and a low of 79.83 during the session. It finally ended at 79.72, up 23 paise from its previous close of 79.72. The dollar index, which measures the greenback's strength against a basket of six currencies, fell 0.11 per cent to 109.72. Brent crude futures, the global oil benchmark, fell 0.60 per cent to USD 87.47 per barrel. On the domestic equity market front, the BSE Sensex ended 659.31 points or 1.12 per cent higher at 59,688.22, while the broader NSE Nifty gained 174.35 points or 0.99 per cent to 17,798.75. Foreign institutional investors (FIIs) remained net buyers in the capital markets as they purchased shares worth Rs 758.37 crore on Wednesday, according to provisional data.

Rupee declines 13 paise to 79.95 against US dollar on rate hike worries

The rupee declined by 13 paise to close at 79.95 against the US currency on Wednesday as growing expectations of aggressive interest rate hikes by the US Fed drove the greenback to multi-year highs against major global currencies. Forex inflows into equities and weak crude oil prices, however, restricted losses in the local currency. At the interbank foreign exchange market, the domestic currency opened at 79.93 per dollar. It hovered in a range of 79.84 to 79.9550 during the session. The domestic unit finally settled at 79.95, down 13 paise over its previous close of 79.82. Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas said that a strong dollar overseas hit the rupee sentiment. The US Dollar surged as economic data from the US surprised the markets. The US ISM services PMI unexpectedly rose to 56.9 in August from 56.7 in July. "We expect Rupee to remain weak on strong US Dollar and weak cues from global markets. Dollar index surged to a fresh 20-year high and is

RBI, FinMin ask banks, trade bodies to push cross-border rupee trade

Reserve Bank and the finance ministry on Wednesday asked top management of banks and representative of trade bodies to push exports and import transactions in rupee. It was stressed during a meeting that banks should connect with their foreign counterparts for opening special rupee vastro accounts to facilitate cross-border trade in Indian currency rather than popular mode dollar, sources said. Trade associations and their foreign trading partners should explore opportunities to make use of the framework, sources added. The meeting, which saw participation from various stakeholders, including officials of external affairs and commerce ministries, Indian Banks' Association, urged embassies abroad to promote the mechanism through diplomatic channels. According to sources, countries like Sri Lanka, Argentina and Zimbabwe may be interested in settling bilateral trade in rupee. RBI in July issued a detailed circular asking banks to put in place additional arrangements for export and im

Rupee falls by 11 paise to 79.93 against US dollar in early trade

The rupee depreciated by 11 paise to 79.93 against the US dollar in opening trade on Wednesday, tracking the strength of the American currency overseas. At the interbank foreign exchange market, the rupee opened at 79.93 against the greenback, registering a decline of 11 paise over its last close. In initial deals, the local unit also touched 79.86 against the dollar. On Tuesday, the rupee depreciated 4 paise to close at 79.82 against the dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.37 per cent to 110.62. The global oil benchmark Brent crude futures fell 1.33 per cent to USD 91.60 per barrel. According to Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors, RBI keeps selling dollars to curb the rupee fall. "All eyes will be on the European Central Bank (ECB) meeting as a 75 basis points rate hike gets discussed to bring inflation down," Bhansali said. On the domestic equity market front, the 30-

FinMin to hold meeting with stakeholders to push overseas trade in rupee

The finance ministry will on Wednesday hold a meeting with all stakeholders, including banks and officials of external affairs and commerce ministries, to discuss ways to promote cross-border trade in rupee instead of US dollar. The meeting, to be chaired by financial services secretary Sanjay Malhotra, is expected to see attendance from representatives of the Reserve Bank of India, IBA and industry bodies. Banks would be asked to promote this by asking exporters to negotiate on rupee trade, sources said. RBI in July issued a detailed circular asking banks to put in place additional arrangements for export and import transactions in Indian rupees in view of increasing interest of the global trading community in the domestic currency. The announcement by the Reserve Bank of India (RBI) to allow cross-border trade transactions in rupee is a timely move and a step towards internationalisation of the currency. Currently, a large part of bilateral trade between India and Russia is gett

Rupee held its own despite sharp depreciation in other currencies: RBI Guv

Das said that the Indian rupee has "held its own" and moved in an "orderly manner at a time of sharp depreciation in other currencies"

RBI is anchoring expectations on rupee weakness, says Shaktikanta Das

He expects inflation to fall within tolerance band by January-March

Rupee rises to close at 79.79 against US dollar amid firm domestic equities

The rupee appreciated 8 paise to close at 79.79 (provisional) against the US dollar on Monday, in line with a firm trend in domestic equities. However, the strengthening of the American currency in the overseas market restricted the rupee's gain, forex dealers said. At the interbank forex market, the local unit opened at 79.84 against the greenback. It witnessed an intra-day high of 79.79 and a low of 79.90 against the American currency during the session. It finally ended at 79.79 against the US dollar, up 8 paise from its previous close of 79.87. The dollar index, which measures the greenback's strength against a basket of six currencies, rose 0.28 per cent to 109.83. Brent crude futures, the global oil benchmark, rose 2.75 per cent to USD 95.58 per barrel. "Rupee consolidated in a narrow range despite the dollar rising to a 30-year high. Gains in the dollar extended after non-farm payrolls numbers released from the US came in better-than-estimates," said Gaurang Somaiya, Forex

Rupee rises 5 paise to 79.82 against US dollar, domestic equities advance

The rupee appreciated 5 paise to 79.82 against the US dollar in early trade on Monday in line with a positive trend in domestic equities. Forex traders said the rupee is trading in a narrow range as the strengthening of the American currency in the overseas market and rising crude oil prices are weighing on investor sentiment. At the interbank foreign exchange, the rupee opened at 79.84 against the dollar and touched 79.82 in initial deals, registering a gain of 5 paise over the last close. On Friday, the rupee closed at 79.87 against the dollar. The dollar index, which gauges the greenback's strength against a basket of six currencies, advanced 0.39 per cent to 109.95. Global oil benchmark Brent crude futures jumped 1.96 per cent to USD 94.84 per barrel. On the domestic equity front, the 30-share Sensex was trading 129.41 points or 0.22 per cent higher at 58,932.74 points, while the broader NSE Nifty advanced 44.35 points or 0.25 per cent to 17,583.80 points. Foreign instituti

Rupee closes at 79.8 versus dollar amid rise in crude oil, hawkish Fed view

Rupee logs first weekly gain in four, outperforms all EM currencies

As US dollar strengthens, rupee falls 14 paise to 79.70 in early trade

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 ..

Rupee expected to trade in Rs 79.75-80.0/$ range in the near-term: Report

The Indian rupee is expected to trade in the range of 79.75-80.00 against the US dollar in the near term because the US Federal Reserve Chair has clearly signalled higher rates are likely to stay

Rupee avoids sell-off against a rampant USD, closes flat on oil price drop

The partially convertible rupee eased 0.1% to 79.5550 per U.S. dollar, having firmed up to a more than two-week high of 79.31 during the session

Markets log 3rd highest monthly FPI inflows since Covid outbreak in August

Foreign investors pump in Rs 51,000 cr; near-term flows to hinge on rupee, bond movements

Re to remain under pressure, may test new levels: Experts on Fed rate hikes

Indian rupee, which earlier this week touched an all-time low, is likely to remain under pressure and may test new levels as a fallout of the US Federal Reserve indicating more interest rate hikes, experts said. The aggressive rate hikes will dampen demand and increase the possibility of a recession in the US. This could accelerate the pace of capital outflows, weaken the rupee and raise the threat of imported inflation. The Fed rate hikes narrow the difference between the interest rates of India and the US, making India less attractive for dollar investment. This could lead to capital outflows, and coupled with elevated crude oil and commodity prices may depress the rupee further, experts said. Also, there is a threat of imported inflation. Even if the global prices remain unchanged, a weaker rupee means India is paying more for its imports and thus higher inflation. India is 85 per cent dependent on imports to meet its crude oil needs and 50 per cent for its gas requirement. The