Page 3 - Indian Rupee

Rupee falls 19 paise to 82.94 against US dollar on muted domestic equities

The rupee depreciated 19 paise to 82.94 against the US dollar in early trade on Monday, weighed down by a strong American currency and a muted trend in domestic equities. At the interbank foreign exchange, the domestic unit opened weak at 82.87 against the dollar, then fell further to 82.94, registering a decline of 19 paise over its last close. In the previous session on Friday, the rupee settled at 82.75 against the dollar. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.04 per cent to 105.25. Forex traders said the Indian rupee depreciated on weak domestic markets and a positive greenback. Rebound in crude oil prices also weighed on the rupee. Meanwhile, Brent crude futures, the global oil benchmark, declined 0.38 per cent to USD 82.84 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 159.67 points or 0.27 per cent lower at 59,300.22. The broader NSE Nifty declined 46.90 points or 0.27 per cent to

Counting on RBI support, offshore investors build rupee crosses positions

The rupee will hold up better in an environment where the dollar is likely to receive support from the hawkish U.S. Federal Reserve, they said

Rupee depreciates 9 paise to 82.73 against US dollar in early trade

The rupee depreciated 9 paise to 82.73 against the US dollar in early trade on Friday, weighed down by the strength of the American currency in the overseas market. Sustained foreign fund outflows further dented investor sentiments, according to forex traders. At the interbank foreign exchange, the domestic unit opened weak at 82.67 against the dollar, then fell to 82.73, registering a decline of 9 paise over its last close. On Thursday, the rupee settled at 82.64 against the US dollar. The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.04 per cent to 104.55. Brent crude futures, the global oil benchmark, advanced 0.81 per cent to USD 82.88 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 83.96 points or 0.14 per cent higher at 59,689.76 points. The broader NSE Nifty advanced 19.25 points or 0.11 per cent to 17,530.50 points. Foreign Institutional Investors (FIIs) were net sellers in the capital market

Rupee gains 11 paise to 82.77 against US dollar in Thursday's early trade

The rupee gained 11 paise to 82.77 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 82.78 against the dollar and marginally rose to 82.77, registering a rise of 11 paise over its previous close. On Wednesday, the rupee closed at 82.88 against the US currency. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.23 per cent to 104.34. Brent crude futures, the global oil benchmark, advanced 0.48 per cent to USD 80.99 per barrel. "US Federal Reserve officials in their most recent Federal Open Market Committee (FOMC) meeting on February 1 indicated that there are signs inflation is coming down but not enough to counter the need for more interest rate hikes," Mitul Shah, Head of Research Institutional Desk at Reliance Securities, said. In the domestic equity market, the 30-share BSE Sensex fell 166.23 poin

Rupee falls 4 paise to 82.83 against US dollar on muted domestic equities

The rupee depreciated 4 paise to 82.83 against the US dollar in early trade on Wednesday, weighed down by a muted trend in domestic equities. However, fresh foreign fund inflows and a weak American currency against major rivals overseas capped the losses in the domestic unit, forex traders said. At the interbank foreign exchange, the domestic unit opened flat at 82.79 against the dollar. Later, it lost some ground to quote at 82.83, registering a decline of 4 paise over its last close. In the previous session on Tuesday, the rupee settled at 82.79 against the dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.09 per cent to 104.01. Brent crude futures, the global oil benchmark, rose slightly by 0.06 per cent to USD 83.10 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 279.41 points or 0.46 per cent lower at 60,393.31. The broader NSE Nifty fell 86.55 points or 0.49 per cent to ...

Rupee expected to depreciate on worries over US Federal Reserve rate hikes

Indian rupee is expected to decline versus the dollar at open following an overnight jump in U.S. yields on bets of more rate hikes from the U.S. Federal Reserve

Rupee's expected volatility against dollar hits 7-month low, at 4.50/4.80%

Indian rupee's expected volatility against the dollar over the next one month hit its lowest level in almost seven months on Tuesday

Rupee depreciates 3 paise to 82.76 against US dollar in early trade

The rupee depreciated 3 paise to 82.76 against the US dollar in early trade on Tuesday, weighed down by a strong American currency . Forex traders said the rupee is trading in a narrow range as a positive trend in domestic equities and easing crude oil prices supported the local unit and restricted the fall. At the interbank foreign exchange, the domestic unit opened weak at 82.76 against the dollar, registering a decline of 3 paise over its last close. In the previous session on Monday, the rupee settled at 82.73 against the dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.19 per cent to 104.05. Brent crude futures, the global oil benchmark, declined 1.11 per cent to USD 83.14 per barrel. Lack of triggers is keeping volumes subdued, forex traders said, adding that over this week, focus will be on European flash PMIs and the US Fed minutes. In the domestic equity market, the 30-share BSE Sensex was trading 104

Rupee appreciates 10 paise to close at 82.72 against US dollar on Monday

The rupee appreciated by 10 paise to close at 82.72 (provisional) against the US dollar on Monday, as the American currency retreated from its elevated levels. Forex traders said a muted trend in domestic equities and foreign fund outflows weighed on investor sentiments and restricted the appreciation bias. At the interbank foreign exchange market, the local unit opened at 82.69 against the American currency and finally settled at 82.72 (provisional) against the greenback, registering a gain of 10 paise over its previous close of 82.82. During the trading session, the rupee touched a high of 82.62 and a low of 82.74 against the dollar. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.04 per cent to 103.90. Global oil benchmark Brent crude futures advanced 1.05 per cent to USD 83.87 per barrel. "Rupee traded strong near 82.75 as dollar index traded below USD 104 guiding rupee strength. Asian currencies were trading strong on the ba

Flows into NRI deposits up 76% to $5.4 billion in April-December

Outstanding amounts stable in December compared to November

RBI likely sold dollars in NDF market to keep rupee stronger: Bankers

Two of the bankers said that the RBI had been selling dollars in the NDF market prior to the opening of the onshore over-the-counter markets

Rupee depreciates 8 paise to 82.78 against US dollar in early trade

The rupee depreciated 8 paise to 82.78 against the US dollar in early trade on Friday, weighed down by a strong American currency and a muted trend in domestic equities. At the interbank foreign exchange, the domestic unit opened weak at 82.77 against the dollar, then fell further to 82.78, registering a decline of 8 paise over its last close. In the previous session on Thursday, the rupee settled at 82.70 against the dollar. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.40 per cent to 104.27. "The dollar index rose beyond 104 levels as the US Producer Price Index (PPI) came higher than expected taking US 10-year yields to 3.89 per cent," said Anil Kumar Bhansali, Head of Treasury Finrex Treasury Advisors LLP. According to him, the chances of the rupee breaking the 83 level is high if the dollar index rises further. Meanwhile, Brent crude futures, the global oil benchmark, declined 0.79 per cent to USD 84.47 per barrel. In th

Several banks open special vostro accounts for overseas trade in rupee

Several banks, including HDFC Bank and UCO Bank, have opened special vostro accounts to facilitate overseas trade in the rupee and many countries have expressed interest to have this arrangement for the local currency trade, a top government official said on Wednesday. Director General of Foreign Trade (DGFT) Santosh Kumar Sarangi said that the commerce ministry is in regular touch with banks, the Department of Financial Services and exporters on the issue. "As of now there are 20 banks which have opened a special rupee vostro account," he told reporters here. All major banks have shared a list of nodal officers to sort out exporters' issues pertaining to these accounts, he added. "This is a new initiative, there are teething troubles relating to the exchange rate mechanism, the repatriation of money. So, it has not fully taken off...But we are constantly in touch with the banks, the RBI and our exporters to ensure that it picks up," Sarangi said. He said that some exporters in Jai

Rupee depreciates 12 paise to 82.90 against US dollar in early trade

The rupee depreciated 12 paise to 82.90 against the US dollar in early trade on Wednesday, weighed down by a strong American currency after the US inflation data for January stoked worries that the Federal Reserve will keep interest rates higher for longer. A muted trend in domestic equities and firm crude oil prices further dented investor sentiments, forex traders said. At the interbank foreign exchange, the domestic unit opened weak at 82.90 against the dollar, registering a decline of 12 paise over its last close. In the previous session on Tuesday, the rupee settled at 82.78 against the dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.14 per cent to 103.38. Brent crude futures, the global oil benchmark, declined 0.70 per cent to USD 84.98 per barrel. "In the overseas markets, the dollar index rebounded from lows of the session as data for January showed the smallest annual increase in US consumer prices si

Rupee falls 15 paise to close at 82.73 vs US dollar on muted domestic trend

The rupee fell by 15 paise to close at 82.73 (provisional) against the US currency on Monday, weighed down by gains in the greenback in the overseas markets and a muted trend in domestic equities. Firm crude oil prices further dented investor sentiments, forex traders said. At the interbank foreign exchange market, the rupee opened at 82.68 against the greenback, and fell to an intra-day low of 82.77. It finally settled at 82.73 (provisional), down 15 paise over its previous close. In the previous session on Friday, the rupee settled at 82.58 against the dollar. According to Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas, the Indian rupee depreciated on a weak tone in Asian markets and a strong dollar. Traders also pared their positions ahead of CPI data which is expected a tad higher from the previous month's reading. However, a weak start to crude oil on Monday cushioned the downside. "We expect the rupee to trade with a negative bias amid risk aversion in global

Rupee depreciates 17 paise to 82.75 against US dollar in early trade

The rupee depreciated 17 paise to 82.75 against the US dollar in early trade on Monday, weighed down by a strong American currency and a muted trend in domestic equities. Firm crude oil prices further dented investor sentiments, forex traders said. At the interbank foreign exchange, the domestic unit opened weak at 82.68 against the dollar, then fell to 82.75, registering a decline of 17 paise over its last close. In the previous session on Friday, the rupee settled at 82.58 against the dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.15 per cent to 103.78. Brent crude futures, the global oil benchmark, declined 0.83 per cent to USD 85.67 per barrel. Forex traders said the rupee is likely to trade with a slight negative bias amid risk aversion in global markets. Moreover, a sharp pullback in crude oil prices and strong dollar on hawkish tone of Fed may also put pressure on the rupee. In the domestic equity mar

Fed rate outlook to push rupee lower; US inflation data key this week

The non-deliverable forwards indicated an opening of around 82.60-82.64 for the rupee to the US dollar, compared with 82.4975 in the previous session

India's forex drops by $1.494 bn to reach $575.267 bn as of Feb 3: RBI data

India's foreign exchange reserves dropped by USD 1.494 billion to reach USD 575.267 billion as of February 3, snapping a three-week rising trend, RBI data showed on Friday. In the previous reporting week, the overall reserves had jumped by USD 3.03 billion to USD 576.76 billion. In October 2021, the country's forex kitty had reached an all-time high of USD 645 billion. The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments. For the week ended February 3, the foreign currency assets, a major component of the reserves, decreased by USD 1.323 billion to USD 507.695 billion, according to the Weekly Statistical Supplement released by the RBI. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. After rising for multiple weeks, gold reserves decreased by USD 246 ..

After initial losses, rupee settles flat at 82.54 against US dollar

The rupee pared initial losses and settled on a flat note at 82.54 (provisional) against the US dollar on Thursday, supported by a rebound in domestic equities. At the interbank foreign exchange market, the local unit opened at 82.59 against the American currency and touched a low of 82.66 and a high of 82.48 intra-day. It finally settled at 82.54 against the greenback, unchanged from its previous close. In the previous session on Wednesday, the rupee had appreciated 16 paise after the Reserve Bank of India (RBI) hiked the repo rate by 25 basis points. The dollar index, which gauges the greenback's strength against a basket of six currencies, declined 0.36 per cent to 103.03. Global oil benchmark Brent crude futures advanced 0.19 per cent to USD 85.25 per barrel. "The Indian rupee depreciated against the US dollar amid fund outflows and risk-averse sentiments. However, the loss was limited following the state-run banks' dollar supply following inflows from the issuance of green .

Rupee falls 12 paise to 82.66 against dollar due to muted trend in equities

The rupee depreciated 12 paise to 82.66 against the US dollar in early trade on Thursday, weighed down by sustained foreign fund outflows and a muted trend in domestic equities. Firm crude oil prices and a strong American currency further dented investor sentiments, forex traders said. At the interbank foreign exchange, the domestic unit opened weak at 82.59 against the dollar, then fell to 82.66, registering a decline of 12 paise over its last close. In the previous session on Wednesday, the rupee appreciated 16 paise to close at 82.54 against the US dollar after the Reserve Bank of India (RBI) hiked the repo rate by 25 basis points. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.05 per cent to 103.36. Brent crude futures, the global oil benchmark, declined 0.01 per cent to USD 85.08 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 177.7 points or 0.29 per cent lower at 60,486.09. The br