Page 2 - Currency Market

Rupee closes at fresh low of 85.76 against dollar despite RBI intervention

State-run banks were spotted selling dollars to the tune of $800 million to $1 billion, traders said

Rupee falls 9 paise to 85.61 against US dollar in early trade today

The rupee dropped 9 paise to 85.61 against the US dollar in early trade on Tuesday, weighed down by significant strengthening of the American currency in the overseas market and a muted trend in domestic equities. Forex traders said the rupee has been under continued pressure amid the Federal Reserve's cautious stance and the "Trump factor" driving up the dollar index (DXY) and US 10-year yields. Additionally, on the domestic front, slowing growth, widening trade deficit, and persistent foreign fund outflows have further fueled the rupee's depreciation. At the interbank foreign exchange, the rupee opened on a weak note at 85.54 then fell further to 85.61 against the American currency, registering a fall of 9 paise over its previous close, on month-end dollar demand from importers and oil marketing companies. On Monday, the rupee dropped 4 paise to 85.52 against the US dollar. According to Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP, th

Asian stocks, dollar hold on 'cautious trade' to close out strong 2024

Volumes were light with holiday for New Year looming and Japan on holiday for the rest of the week, with the Santa-rally losing some steam as elevated Treasury yields weigh on high equity valuations

Rupee hits all-time low pressured by weak Yuan, strong dollar bids

The RBI's frequent interventions have supported the rupee in the face of multiple headwinds, including a hawkish shift in the Federal Reserve's outlook for policy rates over 2025, concerns about India

Rupee falls past 85/USD to all-time low after hawkish US Fed outlook

The last time the local unit traded below the 83 mark against the US dollar was on December 18 last year, when it hit 82.19 during intraday deals

Rupee hits new low of 84.96 per dollar, US Fed meet outcome in focus

RBI sold dollars via state-run banks, which avoided further depreciation, said dealers

Rupee recovers, gains 5 paise to 84.83 against US dollar in early trade

The rupee saw some recovery from its all-time low level and appreciated 5 paise to 84.83 against the US dollar in early trade on Friday on the back of favourable domestic inflation data. However, a strengthening American currency and volatile domestic equity markets amid foreign fund outflows capped the recovery in the local unit, forex traders said. At the interbank foreign exchange, the rupee opened at 84.85 and inched up further to 84.83 against the greenback, registering a gain of 5 paise from its previous close. On Thursday, the rupee fell 5 paise to end the session at the lowest level of 84.88 against the US dollar. The previous record low closing level was recorded on December 9, when the unit settled 20 paise lower at 84.86 against the dollar. The latest official data released on Thursday showed India's retail inflation declined in November to 5.48 per cent and came within the Reserve Bank's comfort zone mainly due to easing food prices, creating headroom for a rate cut at

China's yuan eases after remarks at key economic meeting fail to inspire

China's 10-year and 30-year sovereign bond yields fell over 4 basis points each to record lows of 1.7650 per cent and 1.9950 per cent, respectively

Trump's trade adviser warns against China's attempt to manipulate currency

Peter Navarro, Trump's new senior counselor for trade and manufacturing, said White House would not interfere with the Treasury's review to see foreign trade partners are not manipulating currencies

Donald Trump's tariff vow hits Mexican, Canadian currencies, yen firm

Dollar jumped more than 2.5 per cent against the peso to its highest since July 2022 in New York afternoon trade

Safe-haven currencies strengthen after Russia updates nuclear doctrine

Putin approved the change days after two US officials said that US President Joe Biden's administration would allow Ukraine to use US-made weapons

Alibaba plans to raise $5 billion through dual currency bond issuance

The current dollar tranche would consist of a 5.5-year, 10.5-year and 30-year dollar bond, a term sheet seen by Reuters showed. Alibaba is also working on a 3.5-year, 5-year, 10-year and 20-year

Rupee falls to all-time low of 84.40 against US dollar in early trade

The rupee slipped 1 paisa to an all-time low of 84.40 against the US dollar in early trade on Wednesday, as persistent foreign fund outflows and a muted trend in domestic equities weighed on the local unit. Forex traders said the USDINR pair has shown significant volatility in recent sessions, with the rupee inching closer to its all-time low of 84.40. This downward pressure is largely driven by global factors, particularly the Dollar Index's strengthening. At the interbank foreign exchange, the rupee opened at 84.40 against the greenback, registering a fall of 1 paisa over its previous close. On Tuesday, the rupee fell 1 paisa to a new lifetime low of 84.39 against the US dollar. "It appears that the rupee has established support around the current levels, with depreciation limited near 84.50," CR Forex Advisors MD Amit Pabari said. Pabari further added that the RBI stands tall as the depreciation in the rupee seems to be limited as the Reserve Bank of India (RBI) continues to se

Rupee hits new intraday low of 84.40 against US dollar on FPI selling

The Dollar Index rose to 105.83, while the US 10-year Treasury yield climbed to 4.36 per cent

Dollar surges, set for biggest one-day rise since March 2023 against peers

Bitcoin climbed as much as 8.6% to reach a record $75,389. It was last up around 6% at $73,756. Trump is seen as more actively supportive of cryptocurrencies than Harris

Currency market stays steady as investors await US jobs report, elections

"We think the chances of a Dec. rate hike have somewhat increased after Gov. Ueda's press conference," Morgan Stanley MUFG economists Takeshi Yamaguchi and Masayuki Inui wrote in a report on Thursday

RBI intervention keeps rupee from hitting 84 against the US dollar

The rupee was weighed by outflows from the domestic equities, rise in crude oil prices, and the surge in dollar index, said dealers

RBI plans to revamp currency management infra to cater to future cash needs

The Reserve Bank plans to comprehensively revamp its currency management infrastructure over the next 4-5 years, mainly to ensure adequate storage and handling capacity to cater to the future cash needs of the growing economy. The creation of greenfield currency management centres, the introduction of warehouse automation, the installation of security and surveillance systems, an inventory management system, and a centralised command centre are being mooted to modernise the existing infrastructure, according to an RBI document. The expected timeline for the whole project is 4-5 years, according to the expression of interest (EoI) issued by the Reserve Bank of India (RBI) for procurement of consultancy and project management services for the modernisation of currency management infrastructure. "Despite moderation in the growth rate of NIC (Notes In Circulation) in the last three years, analysis indicates that the growth will continue to be positive over the foreseeable future though

Rupee second-worst performing Asian currency against US dollar in Aug

Indian currency has depreciated by 0.6 per cent in this financial year

Rupee second-worst performing Asian currency against greenback in Aug

In the current financial year, the rupee has depreciated by 0.6 per cent so far