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Indian Rupee Hits 82 Against US Dollar In Worst Session In Two Months

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The dollar index changed course after data revealed that US services industry activity unexpectedly increased in November, with jobs rebounding

The Indian rupee had its worst trading session in more than two months as dollar saw its greatest surge in two weeks after strong US November services data which suggested that the Federal Reserve may continue with its aggressive rate hike stance.

The rupee fell to 82.60 compared to its previous close of 81.79 on Monday.

Investors will await the outcome of Reserve Bank of India’s (RBI) MPC meet outcome on Wednesday. 

The dollar index, which measures the greenback against a basket of its major peers, dropped below 104 for the first time since June 28. However, it changed course after data revealed that US services industry activity unexpectedly increased in November, with jobs rebounding.

Traders told news agency Reuters that they were caught off-guard by the rupee’s sudden decline, prompting a round of stop losses that probably sped up the drop once USD/INR moved above 82.

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Rupee 14 Paise Up To 81.65 Against US Dollar During Early Trade

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The Indian rupee started at 81.72 against the dollar and further was recorded at 81.65. Brent crude futures, moved 0.50 per cent up to USD 87.89 per barrel, it is the global oil benchmark

The rupee went up by 14 paise to 81.65 against the US dollar during early trade on 21 November. This came after the American currency withdrew from its elevated levels.

According to the Forex traders, foreign fund outflows and a lowered trend in domestic equities pulled-on the local unit and restricted the appreciation bias.

The Indian rupee started at 81.72 against the dollar and further was recorded at 81.65. It registered a rise of 14 paise as compared to its previous close at the interbank foreign exchange.

The rupee depreciated by 5 paise, closing at 81.79 against the US dollar, on 21 November.

At the same time, the dollar index, fell 0.24 per cent to 107.57. It measures the greenback’s strength against a basket of six currencies, on 21 November.

Expectedly, the Indian rupee may trade in a range-bound manner along with the boosted American currency and cautiousness in the markets. This came after the fears of a return to stricter COVID restriction measures in China, which weighed on Asian currencies, according to the experts.

Brent crude futures, moved 0.50 per cent up to USD 87.89 per barrel, it is the global oil benchmark.

The 30-share BSE Sensex traded at 52.74 points or 0.09 per cent higher at 61,197.58. The broader NSE Nifty surged 13.25 points or 0.07 per cent to 18,173.20, in the domestic equity market.

Foreign Institutional Investors (FIIs) sold shares worth Rs 1,593.83 crore, resulting in being the net sellers in the capital markets on 21 November, revealed the exchange data.

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Rupee Depreciates To 81.63 Against Dollar Amid Weak Domestic Equities

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The Indian rupee opened at 81.62 against the dollar however later it lost the ground to 81.63. This recorded a loss of 37 paise since its previous close at the interbank foreign exchange. The domestic unit got depreciated by 35 paise and closed at 81.26 against the US dollar, on 16 November

The rupee fell 37 paise to 81.63 against the US dollar during early trade on 17 November. This came following the strong American currency in the overseas market and a toned down trend in domestic equities.

According to the forex traders, the American currency showed strong position post strong US retail sales data pointed to resilient consumption in spite of a slowing economy, creating a room for tighter policy by the US Federal Reserve.

The Indian rupee opened at 81.62 against the dollar however later it lost the ground to 81.63. This recorded a loss of 37 paise since its previous close at the interbank foreign exchange.

The domestic unit got depreciated by 35 paise and closed at 81.26 against the US dollar, on 16 November.

At the same time, the dollar index, which measures the greenback’s strength against the six currencies basket, went 0.26 per cent up to 106.55.

The Indian Rupee reflected a weaker position on the 17 November morning as the dollar stabilised. This came following the investors assessing the outlook for US Fed policy which was witnessed stronger than expected retail sales data, according to experts.

Brent crude futures, came 1.03 per cent down to USD 91.90 per barrel. It is the global oil benchmark.

In the Indian equity market, BSE Sensex was traded at 72.14 points or 0.12 per cent down at 61,908.58. On the other hand. the broader NSE Nifty was trading on lower side by 32.60 points or 0.16 per cent at 18,377.05.

Foreign Institutional Investors offloaded shares worth Rs 386.06 crore on 16 November, which made them the net sellers in capital markets, said an exchange data.

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Rupee Slips To 81.26 Against Dollar After Hawkish Fed Tone

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At an industry forum over the weekend, Federal Reserve Governor Christopher Walker said that the Federal Reserve would take a string of soft inflation reports for the bank to move away from rate hikes

The Indian rupee ended lower on Monday against the US dollar as a fresh warning from the US Federal Reserve revived the dollar. 

The rupee ended at 81.26 against the dollar, compared to the previous close of 80.81 on Friday. The local currency had opened at 80.53 and traded between 80.51 and 81.28 throughout the day.

At an industry forum over the weekend, Federal Reserve Governor Christopher Walker said that the Federal Reserve would take a string of soft inflation reports for the bank to move away from rate hikes.

Analysts say that any hawkish tone in the coming weeks from the US Federal Reserve could change the downward direction of the dollar.

Waller said that markets were well ahead of themselves after just one inflation print which helped limit the dollar’s sharp decline.

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Rupee Rises 43 Paise To Settle At 81.43 Against US Dollar

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Forex traders attributed a steady inflow of foreign funds to support the local currency

The Indian rupee rose 43 paise on Wednesday to close at 81.43 against the US dollar due to broad weakness in the dollar and improving global risk sentiments.

The Indian rupee opened at 81.36 on Wednesday and traded between 81.21 and 81.62 during the day. It had closed at 81.91 against the greenback on Monday.

The forex market was closed on Tuesday on account of Gurunanak Jayanti.

Forex traders attributed a steady inflow of foreign funds to support the local currency.

They said that FPI inflows are returning to domestic equities, aiding the local currency.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets as they purchased shares worth Rs 1,948.51 crore on Monday, according to exchange data.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.01 per cent to 109.64.

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Rupee Slips 10 Paise To End At 82.88 Against Dollar

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It was a muted but choppy session, with rupee turning briefly higher by mid-morning before slipping back below 82.90

The Indian rupee declined versus the dollar on Thursday after the US Federal Reserve Chair Jerome Powell refrained from a dovish commentary and instead suggested that it would be “premature” to pause monetary tightening. 

The rupee ended at 82.88 against US dollar, down from 82.78 in the previous session. It was a muted but choppy session, with rupee turning briefly higher by mid-morning before slipping back below 82.90.

The rupee’s Asian peers were down 0.3 per cent to 0.6 per cent. The offshore Chinese yuan slipped below 7.34 against the dollar.

The Fed’s policy statement said that it will take into account the cumulative tightening of monetary policy, which analysts said hinted at smaller sized rate hikes from December.

The dollar index jumped to 112.75. Last Wednesday, it had dropped to near 109.50. 

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Rupee Hits Fresh Intraday Record Low Of 83.22

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The spike in US bond yields added to the rupee’s woes as the policy-sensitive two-year Treasury yield was near its highest since 2007, while the ten-year US note yield was at 4.15 per cent

The Indian rupee hit a fresh intraday record low on Thursday at 83.22 against the US dollar. The US dollar index surged above the 113-mark which weakened the rupee.

The currency closed at a fresh record low on Wednesday at 83.02 against the US dollar.

The rupee opened at 82.96 and has traded in the range of 82.96 – 83.22 since then.

As of 12:24 pm IST, the rupee was trading at 83.19 against the US dollar.

The rupee has depreciated over 11 per cent so far in the calendar year 2022.

The spike in US bond yields added to the rupee’s woes as the policy-sensitive two-year Treasury yield was near its highest since 2007, while the ten-year US note yield was at 4.15 per cent.

Large corporate dollar and custodial outflows had prompted a selloff in the currency toward the last one-and-a-half hour of trade on Wednesday, traders said.

Traders now see the rupee breaching the 84 level very soon.

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Rupee Ends Flat At 83.32 Against US Dollar

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RBI likely sold dollars via state-run banks to arrest rupee’s slide, news agency Reuters reported. Strong US jobs report aggravated fears of aggressive rate hikes by the US Federal Reserve

The Indian rupee closed flat on Monday at 83.32 against the US dollar. The rupee recovered from its intraday low of 82.69 after possible RBI intervention in the forex market.

Bloomberg data showed that the rupee opened at a new record low of 82.67 and touched 82.69 intraday before recovering to settle almost flat. The rupee had closed at 82.33 in the previous session.

RBI likely sold dollars via state-run banks to arrest rupee’s slide, news agency Reuters reported. Strong US jobs report aggravated fears of aggressive rate hikes by the US Federal Reserve.

The dollar index also rose 0.23 per cent to 113.05.

The recovery was also led by slight softening in crude oil prices as investors booked profit on Monday.

indian rupee

INR Rises 37 Paise To 81.30 Against Dollar In Early Trade

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The rupee jumped 58 paise closing an all-time low of 81.67 against the dollar, on Monday.

Fall in American currency from its elevated levels caused the rupee to rise by 37 paise to 81.30 against the US dollar during early trade on Tuesday.

India rupee registered a gain of 37 paise since its previous close by opening at 81.45, then reaching 81.30 against the dollar at the interbank foreign exchange.

The rupee jumped 58 paise closing an all-time low of 81.67 against the dollar, on Monday.

The rupee rose against the greenback as the dollar took an interval, says market analysts.

Experts say, RBI’s meeting scheduled this week will now be eyed, followed by its decision due on 30 September.

At the same time, the dollar index, which scales the greenback’s strength against a six currencies portfolio, saw inverse growth by 0.36 per cent to 113.69, says a media report.

Brent crude futures, the global oil benchmark, had a positive growth of 0.57 per cent to USD 84.54 per barrel, the report added.

In the domestic equity market, Bombay Stock Exchange (BSE) Sensex was traded 176.91 points or 0.31 per cent up at 57,322.13 and the broader NSE Nifty went up 55.95 points or 0.33 per cent to 17,072.25.

Discharging shares worth Rs 5,101.30 crore made Foreign Institutional Investors (FIIs) net sellers in the capital markets on Monday, according to exchange data.

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Rupee Stands Stronger Against Dollar: Sitharaman

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Reserve Bank of India (RBI) and the Ministry of Finance are constantly monitoring the situation of the rupee, said Sitharaman

The rupee has been showing a decline for past some days. Meanwhile, Finance Minister Nirmala Sitharaman on Sunday said that if compared with other currencies of the world, the rupee has stood stronger against the dollar.

Sitharaman further said that the Reserve Bank of India (RBI) and the Ministry of Finance are constantly monitoring the situation of the rupee. She said that the rupee has stood more strongly against the US dollar as compared to other currencies of the world.

Amid concerns being raised about the condition of the Indian currency after the rupee fell to a record level against the dollar, Sitharaman said talking to reporters, “If any one currency has maintained its position to a great extent in the current situation of currency fluctuations, then it is the Indian rupee. We have handled this situation quite well.”

The rupee on Friday last week touched close to Rs 81 against the US dollar. There has been a steady decline in the value of the rupee in the last few months.

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