Page 4 - Rupee Vs Dollar

Rupee declines 11 paise to 83.69 against US dollar during early trade

Rupee declined 11 paise to 83.69 against the US dollar in early trade on Thursday amid a strengthening dollar against overseas currencies and an increase in crude oil prices. FIIs turning net sellers on Wednesday put further pressure on the domestic currency against the greenback, according to forex experts. At the interbank foreign exchange, the local unit opened at 83.66, down 8 paise from its previous close of 83.58 against the American currency. It slipped further to 83.69, 11 paise lower from Wednesday's closing rate. "The USDINR is expected to find strong support at 83.50, with potential to rebound toward 83.75-83.80, offering another selling opportunity for those who missed out at similar levels before," CR Forex Advisors MD Amit Pabari said. On the domestic equity markets front, the Sensex climbed 146.27 points to reach its all-time high of 85,316.14, while the Nifty, too, scaled to a record high of 26,037.25 points, up 33.10 points. The dollar index, which gauges the ...

Rupee appreciates 10 paise to 83.53 against US dollar in early trade

The rupee appreciated 10 paise to 83.53 against the US dollar in early trade on Wednesday, on the overall dollar weakness in the overseas market. Forex traders said the US dollar has weakened against majors post the weak consumer confidence print. The US consumer confidence dropped by the most in three years to 98.7 from 105.6 in August. At the interbank foreign exchange market, the local unit opened at 83.59 against the American currency, then touched 83.54, registering a rise of 10 paise over its previous close. On Tuesday, the rupee depreciated 9 paise to close at 83.63 against the American currency. "The Indian rupee which depreciated on Tuesday opened stronger on the overall dollar weakness against Asian currencies and European currencies," said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP. The dollar index, which gauges the greenback's strength against a basket of six currencies, was down 0.21 per cent to 100.25 points. Brent cru

Rupee rises 6 paise to 83.46 against US dollar during early trade

The rupee entered its third week of rally and appreciated 6 paise to 83.46 against the US dollar in early trade on Monday, tracking positive momentum in domestic equity markets amid a massive inflow of foreign funds. However, an upward movement in the crude oil prices and a strengthening greenback against major overseas rivals capped a sharp rise in the Indian currency, forex traders said. At the interbank foreign exchange market, the Indian currency opened at 83.44 and fell to 83.49 before trading again at 84.46 against the greenback, registering a gain of 6 paise higher than its previous closing level. The local unit gained 13 paise to settle at 83.52 against the US dollar on Friday. The Indian currency has been on a recovery path since September 11 when it had settled at 83.99 against the American currency, a tad higher than the lowest level of 84.09 recorded on August 5. The upward move of the Indian currency was attributed to the US Federal Reserve's decision to reduce benchm

Rupee appreciates 9 paise to 83.56 against US dollar in early trade

The rupee sustained its gaining streak for the third straight session and rose 9 paise to 83.56 against the US dollar in early trade on Friday buoyed by a firm domestic equity market and weakening American currency. Lower crude oil prices also supported the Indian currency though the unit was weighed down by some outflow of foreign funds, forex traders said. At the interbank foreign exchange market, the Indian currency opened at 83.63 and strengthened further to 83.56 against the greenback, trading 9 paise higher than its previous closing level. The local unit gained 11 paise to settle at 83.65 against the US dollar on Thursday after settling 10 paise higher on Tuesday. The Forex market was closed on Wednesday due to a holiday declared by the Maharashtra government. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was down 0.07 per cent to 100.24. Analysts said the dollar index retreated after the US Federal Reserve reduced th

Rupee rises 6 paise to 83.70 against US dollar during early trade

The rupee rose 6 paise to 83.70 against the US dollar in early trade on Thursday, reflecting strong investor sentiment after the US Federal Reserve decided to cut interest rate in line with market expectations. The rupee also got support from lower crude oil prices, positive domestic equity markets as well as inflow of foreign funds, forex traders said. A stronger greenback, however, capped the upward movement in the local unit, they added. At the interbank foreign exchange market, the Indian currency opened at 83.70 and inched up to 83.69 before trading at 83.70 against the greenback, registering a gain of 6 paise from its previous closing level. On Tuesday, the local unit had gained 10 paise to settle at 83.76 against the US dollar. The Forex market was closed on Wednesday due to the holiday declared by the Maharashtra government. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was up 0.46 per cent to 100.75. Analysts attr

Rupee gains 2 paise to 83.84 against US dollar during early trade

The rupee appreciated 2 paise to 83.84 against the US dollar in early trade on Tuesday, helped by a weak greenback against major crosses overseas and lower crude oil prices in international markets. However, a sluggish trend in the domestic equities and fresh foreign fund outflows amid US rate cut expectations restricted the rise in the local unit, forex traders said. At the interbank foreign exchange market, the local unit opened slightly weak at 83.87 but gained some ground to turn positive at 83.84, registering a rise of 2 paise from its previous close. On Monday, the local unit settled at 83.86 against the US dollar. "A decline in crude oil prices, (recent) healthy foreign institutional inflows into Indian equities, and speculation about a possible rate cut by the Federal Reserve have stirred hopes of stability. Moreover, the Reserve Bank of India is poised to step in around the crucial 84-mark, likely deploying its reserves to prevent a further slide in the rupee," said, Amit

Rupee rises 5 paise to 83.87 against US dollar during early trade

The rupee appreciated by 5 paise to 83.87 against the US dollar in early trade on Monday supported by weakening of the American currency in the overseas market and significant foreign fund inflows. Forex traders said market participants are eagerly awaiting cues from the US Fed policy on Wednesday, with a rate cut all but certain. However, the magnitude of the cut remains uncertain. Moreover, the rupee continues to hold steady within a well-defined range on active intervention by the Reserve Bank of India (RBI), they added. At the interbank foreign exchange market, the local unit opened at 83.89, then inched further to touch 83.87, registering a rise of 5 paise from its previous close. On Friday, the local unit settled higher by 4 paise at 83.92 against the US dollar. "Despite a significant drop in the dollar index and crude oil prices remaining under control in recent sessions, alongside inflation figures staying below the Central Bank's 4 per cent target for the second consecuti

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 opens 2 paise higher at 83.95 against US dollar during early trade

Rupee rose by 2 paise to 83.95 against the US dollar in early trade on Friday amid a weaker dollar against major currencies overseas. An upward movement in the international crude oil prices, negative domestic equity markets and outflow of foreign capital capped gains in the local unit, forex traders said. At the interbank foreign exchange market, the rupee opened 1 paisa higher at 83.96 against the greenback. The domestic unit had settled 4 paise higher at 83.97 on Thursday. On Wednesday, the rupee had breached the crucial 84-mark for the second time within a month and settled 3 paise lower at 84.01 against the American currency. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was down 0.10 per cent to 100.97 points. Analysts said the American currency was trading lower as investors were awaiting cues from the US jobs data to be released later in the day. Brent crude, the international benchmark, was marginally up by 0.01 pe

Rupee rises 4 paise to 83.97 against US dollar during early trade

The rupee appreciated by 4 paise to 83.97 against US dollar in early trade on Thursday supported by weakening of the American currency in the overseas market and a positive trend in domestic equities. Forex traders said an overall drop in crude oil prices and foreign fund inflows aided investor sentiments. At the interbank foreign exchange market, the local unit opened at 83.98, then inched further to touch 83.97, registering a rise of 4 paise from its previous close. On Wednesday, the rupee breached the crucial 84-mark for the second time within a month and settled 3 paise lower at 84.01 against the American currency. "The Indian rupee continues to remain weak despite Asian currencies rising as inflows get absorbed by the Reserve Bank, while oil companies and FPIs and importers continue to buy US dollars from market keeping the currency on the lower side despite gains seen by its Asian and emerging market counterparts," said Anil Kumar Bhansali, Head of Treasury and Executive ...

Rupee drops to record low amid negative global cues, RBI support aids

Over the last month, there were several instances when the Reserve Bank of India intervened on both sides of the forex market to support the currency

Rupee appreciates 2 paise to 83.96 against US dollar in early trade today

The rupee rose 2 paise to 83.96 against the US dollar in early trade on Wednesday aided by a weakening dollar against major currencies overseas and a drop in crude oil prices. The dollar index, which gauges the greenback's strength against a basket of six currencies, was down 0.14 per cent to 101.67. Brent crude, the international oil benchmark, declined 0.62 per cent to 73.29 in futures trade. At the interbank foreign exchange market, the rupee opened at 83.96, higher by 2 paise from its previous close and stayed put. The unit had settled at 83.98 against the US dollar on Tuesday. "Amid the backdrop of this week's jobs data, US markets experienced a significant sell-off yesterday as investors sought refuge accompanied by a sharp drop in oil prices," CR Forex Advisors Managing Director Amit Pabari said. Meanwhile, in the domestic equity markets, Sensex tumbled 721.75 points to 81,833.69 in early trade, while Nifty tanked 196.05 points to 25,083.80. Foreign Institutional Investors

Rupee depreciates 4 paise to 83.95 against US dollar in early trade

The rupee declined 4 paise to 83.95 against the US dollar in early trade on Tuesday due to a stronger greenback in global markets and weak domestic manufacturing data. A decline in the domestic equity market also contributed to the drop in the local unit, forex traders said. At the interbank foreign exchange market, the rupee opened at 83.94, lower by 3 paise from its previous close before dropping further to 83.95. The unit had settled at 83.91 against the US dollar on Monday. "The rupee again extended its slide against the US dollar above 83.90 levels, slashing all previous week's gains. With August proving to be a challenging month, the rupee ranked as the second-worst-performing currency in Asia," CR Forex Advisors Managing Director Amit Pabari said. The HSBC India Manufacturing PMI declining slightly to 57.5 in August and India's economic growth falling to a 15-month low of 6.7 per cent for the June quarter contributed to the drop in the local unit, he said. Meanwhile, in the

Rupee falls 3 paise to 83.88 against US dollar during early trade

Rupee declined 3 paise to hit 83.88 against the US dollar in early trade on Monday amid fluctuating crude oil prices. Forex traders said volatility in the international dollar trade and limited movement in the Brent crude rates contributed to the decline in the domestic currency in early trade. The positive domestic equity market, inflow of foreign fund and weak greenback capped the rupee's fall, according to forex traders. At the interbank foreign exchange market, the local unit opened 2 paise lower at 83.87 against the American currency and inched up to touch Friday's closing rate of 83.85 before slipping again. Currency traders are awaiting the PMI manufacturing data set to be released later in the day. The rupee rose 4 paise on Friday to close at 83.85 against the US currency. Meanwhile, Sensex and Nifty hit fresh all-time high levels in early trade on Monday. While Sensex rose 164.2 points to 82,527.60, Nifty was up 55.2 points to reach 25,291.10. The dollar index, which ga

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

Rupee rises 7 paise to 83.82 against US dollar during early trade

Rupee appreciated 7 paise to 83.82 against the US dollar in morning trade on Friday, supported by significant foreign fund inflows and a positive trend in domestic equities. Forex traders said a rise in global risk sentiments supported the rupee, while recovery in the US dollar and month-end dollar demand from importers and oil marketing companies (OMCs) weighed on investor sentiments. At the interbank foreign exchange market, the local unit opened at 83.83, then gained ground to touch 83.82, registering a rise of 7 paise from its previous close. On Thursday, the rupee appreciated 8 paise to close at 83.89 against the American currency. According to forex traders, MSCI rebalancing flows could take the rupee higher. "Some appreciation in the rupee appears likely, with anticipated MSCI inflows of around USD 3 billion. The rupee is likely to trade within a range of 83.75 to 83.90, while in the medium-term, a range of 83.60 to 84.05 is anticipated, with a bias towards the upside," CR

Rupee appreciates 9 paise to 83.88 against US dollar in early trade

Rupee appreciated 9 paise to 83.88 against the US dollar in morning trade on Thursday, supported by the weakness of the American currency in the overseas market and a positive trend in domestic equities. Forex traders said market is awaiting cues from the US GDP and the US Personal Consumption Expenditure (PCE) inflation data, as this data point is crucial as it could sway the Federal Reserve's decision on whether to implement a 25 or 50 basis point rate cut at its September meeting. At the interbank foreign exchange market, the local unit opened at 83.92, then gained ground to touch 83.88, registering a rise of 9 paise from its previous close. On Wednesday, the rupee depreciated 4 paise to close at 83.97 against the American currency. "The rupee is in the midst of a tug-of-war between positive and negative factors. With the Reserve Bank firmly in control, the rupee is expected to trade within a narrow range in the near term, with the upside likely capped around 83.80 and strong ..

Rupee falls 8 paise to 83.95 against US dollar during early trade

Rupee depreciated 8 paise to 83.95 against the US dollar in morning trade on Tuesday, weighed down by elevated crude oil prices and a muted trend in domestic equities. Forex traders said Brent Crude, the international benchmark, was trading above the USD 80 per barrel mark, as fighting continued in the Middle East and attacks by Russia over Ukraine also increased geopolitical tensions. At the interbank foreign exchange market, the local unit opened at 83.91, then lost further ground and touched 83.95, registering a loss of 8 paise from its previous close. On Monday, the Indian rupee settled for the day 3 paise higher at 83.87 against the American currency. Asian currencies fell after appreciating on Monday. The Indian rupee opened at 83.91 and is expected to trade in a small range of 83.85/95, said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP. According to CR Forex Advisors' Amit Pabari with the Reserve Bank firmly in control, the rupee

Rupee gives up early gains to end flat due to importers' dollar demand

Market participants said that the Reserve Bank of India's intervention through dollar buys further weighed on the rupee during the day

Rupee ends on flat note, closes 1 paisa higher at 83.90 against US dollar

The rupee closed at 83.90 against the US dollar, nearly unchanged from its close at 83.89 in the previous session. The currency hit a peak of 83.81 in early trading