Page 5 - Rupee Vs Dollar

Rupee weakens below 84 against US dollar amid FPI selloff, costlier oil

Took two years after hitting 83/$ due to timely intervention

Rupee rises 1 paisa to 83.95 against US dollar during early trade

The rupee rose 1 paisa to 83.95 against the US dollar in early trade on Thursday amid a firm trend in domestic equity markets and a weaker greenback against major overseas rivals. However, an increase in global oil prices and heavy foreign fund outflows capped further recovery in the domestic currency, according to forex experts. At the interbank foreign exchange, the rupee opened at 83.95, marginally up by 1 paisa against the US dollar, and traded almost flat in early deals. The local unit had settled at 83.96 against the greenback on Wednesday. The Reserve Bank of India's (RBI) decision to keep policy rates unchanged also played a part in the rupee's range-bound movement. The RBI on Wednesday kept the policy rate unchanged for the tenth time in a row but shifted its stance from "withdrawal of accommodation" to "neutral" that may lead to a cut in the forthcoming policies. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was d

Rupee rises 5 paise to 83.92 against US dollar during early trade

The rupee appreciated 5 paise to 83.92 against the US dollar in early trade on Wednesday, ahead of the Reserve Bank of India's monetary policy announcement. Forex traders said the spotlight is firmly on the RBI as it prepares to announce its monetary policy. Most major central banks have pivoted toward rate cuts, with the US Fed being the latest to lower rates by 50 basis points. The RBI has maintained its accommodative stance. All attention now shifts to whether the central bank will move from its accommodative stance to a more neutral approach. At the interbank foreign exchange market, the local unit opened at 83.92 against the American currency, registering a rise of 5 paise over its previous close. On Tuesday, the rupee rose 3 paise to close at 83.97 against the US dollar. The dollar index, which gauges the greenback's strength against a basket of six currencies, was up 0.03 per cent to 102.58 points. Brent crude, the international benchmark, was trading higher by 0.40 per ce

Rupee rises 6 paise to 83.94 against US dollar during early trade

The rupee rose 6 paise to 83.94 against the US dollar in early trade on Tuesday supported by a weaker greenback and lower crude oil price. However, volatility in the domestic equity markets and FII outflows capped sharp gains in the local unit, forex traders said. At the interbank foreign exchange, the rupee opened at 83.97 against the US dollar and rose to 83.92 before slipping marginally to 83.94, higher by 6 paise from its previous close. The domestic unit had settled at 84.00 on Monday. The reconstituted rate-setting panel of the Reserve Bank of India (RBI) on Monday started deliberations on the next bi-monthly monetary policy. The decision of the panel will be announced on Wednesday, which could determine the movement in the rupee over the next few days. In the current context, experts feel that the RBI may not follow the US Federal Reserve, which lowered the benchmark rates by 50 basis points, and the central banks of some developed nations, which have reduced the interest

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

Rupee rises 2 paise to 83.97 against US dollar during early trade

The rupee rose 2 paise to 83.97 against the US dollar in early trade on Monday, aided by a weaker greenback in the international market and a drop in crude oil prices. The increase in the country's forex reserves to a new all-time high of USD 704.88 billion on Friday further pushed the domestic currency, according to forex traders. However, growing escalation in conflict in the Middle East and FIIs outflow on Friday capped sharp gains in the domestic unit, they said. At the interbank foreign exchange, the rupee opened at 83.96 against the US dollar, 3 paise higher from its previous close of 83.99. It then declined 1 paisa to 83.97, higher by 2 paise from Friday's close. India's forex reserves jumped USD 12.588 billion to a new all-time high of USD 704.885 billion for the week ended September 27, the Reserve Bank of India said on Friday. On the domestic equity market front, the Sensex rose 228.16 points, or 0.28 per cent, to 81,916.61. The Nifty rose 67.60 points, or 0.27 per cent

Rupee plunges 11 paise to 83.93 against US dollar during early trade

Rupee depreciated 11 paise to 83.93 against the US dollar in early trade on Thursday due to rising crude oil prices and negative sentiment in the domestic equity markets amid concerns over escalating tension in the Middle East. Unabated outflow of foreign funds from capital markets and a strengthening American currency also weighed on the Indian currency, forex traders said. At the interbank foreign exchange, the local unit opened at 83.91 and lost further ground to touch 83.93 against the greenback, trading 11 paise lower from its previous session's closing level. On Tuesday, the rupee settled 3 paise lower at 83.82 against the American currency. The forex markets were closed on Wednesday on account of Mahatma Gandhi Jayanti. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.10 per cent to 101.53. Brent crude, the international benchmark, climbed 1.11 per cent to 74.72 in futures trade. Experts attributed the spike in c

Rupee depreciates 2 paise to 83.81 against US dollar in early trade

Rupee fell 2 paise to 83.81 against the US dollar in early trade on Tuesday, tracking massive outflow of foreign funds amid volatile global markets. Forex traders said the Indian unit was weighed down by a strengthening American currency against major rivals, though a retreating crude oil prices and recovery in domestic equity markets resisted a steep fall in the rupee. They said monetary and fiscal stimulus announced by China triggered the withdrawal of foreign funds as investors preferred better-performing Chinese markets. At the interbank foreign exchange, the local unit opened at 83.81 against the greenback, registering a loss of 2 paise from its previous closing level. On Monday, the rupee settled 10 paise lower at 83.79 against the American currency. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.02 per cent to 100.54. Brent crude, the international benchmark, declined 0.29 per cent to 71.77 in futures trade. O

Rupee steady against US dollar in CY24, weakens vs euro and pound

Experts say RBI's action in dollar market may had an impact

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