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Rupee Posts 8 Paise Up To 81.60 Against USD Led By Foreign Capital Inflows

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In the previous session on 28 November, the rupee surged 3 paise to end at 81.68 against the dollar. Brent crude futures being the global oil benchmark, rose 1.39 per cent to USD 84.35 per barrel. The dollar index slipped 0.38 per cent to 106.28. It measures the greenback’s strength against a basket of six currencies

The rupee went 8 paise up to 81.60 against the US dollar during early trade on 29 November. This is followed by boosted investor sentiments due to foreign capital inflows and a firm trend in the domestic equity market.

According to the forex dealers, apart from this, a weak American currency in the overseas market helped the domestic unit.

The local unit opened strong at 81.58 against the dollar. However, later it inched lower to quote at 81.60 which registered a rise of 8 paise from its previous close, at the interbank foreign exchange.

In the previous session on 28 November, the rupee surged 3 paise to end at 81.68 against the dollar.

The dollar index slipped 0.38 per cent to 106.28. It measures the greenback’s strength against a basket of six currencies.

Brent crude futures being the global oil benchmark, rose 1.39 per cent to USD 84.35 per barrel.

The 30-share BSE Sensex was traded 164.06 points or 0.26 per cent higher at 62,668.86. On the similar lines, the broader NSE Nifty went up 59.10 points or 0.32 per cent to 18,621.85, in the domestic equity market.

Foreign Institutional Investors (FIIs) sold shares worth Rs 935.88 crore, which made them net sellers in the capital markets on 28 November, revealed the exchange data.

Also, on 28 November, S&P Global Ratings reduced the economic growth forecast of INdna for the current fiscal year to 7 per cent. It, however said that the domestic demand-led economy will be less impacted by the global slowdown.

rupee

Rupee Weakens 6 Paise To 81.77 Against USD During Early Trade

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The domestic unit, at the interbank foreign exchange, opened weak at 81.81 against the dollar. Brent crude futures being the global oil benchmark too fell 2.58 per cent down to USD 81.47 per barrel

The rupee fell 6 paise down to 81.77 against the US dollar during early trade on 28 November. This came after a lacklustre trend in domestic equity markets and a firm American currency overseas.

The lower crude prices, however, in the international market and fresh foreign fund inflows held the rupee’s fall, according to forex traders.

The domestic unit, at the interbank foreign exchange, opened weak at 81.81 against the dollar. It, however, gained some ground to quote 81.77, which registered a decline of 6 paise from its previous close.

On 25 November, the rupee softened by just one paisa to end at 81.71 against the dollar, in the previous session.

The dollar index, went 0.41 per cent up to 106.39. It measures the greenback’s strength against a basket of six currencies,

Brent crude futures being the global oil benchmark too fell 2.58 per cent down to USD 81.47 per barrel.

The 30-share BSE Sensex was traded 27.97 points or 0.04 per cent lower at 62,265.67, in the domestic equity market. On the similar lines, the broader NSE Nifty fell 12.45 points or 0.07 per cent to 18,500.30.

Foreign Institutional Investors (FIIs) purchased shares worth Rs 369.08 crore, according to exchange data, which made them net buyers in the capital markets on 25 November.

Rediscovering their liking for Indian equities, foreign portfolio investors have made a net investment of Rs 31,630 crore in November in hopes of an end to the aggressive rate hikes and positivity about overall macroeconomic trends.

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Rupee Went 16 Paise Up To 81.54 Against USD During Early Trade

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The rupee went up by 23 paise and closed at 81.70 against the US dollar, on 24 November. The global oil benchmark, Brent crude futures too grew 0.20 per cent to USD 85.51 per barrel

The rupee improved 16 paise to 81.54 against the US dollar during early trade on 25 November. This is after the weakness witnessed in the broad dollar weakness along with its Asian peers.

The domestic unit opened at 81.69 against the dollar, at the interbank foreign exchange. Later it reached 81.54. which registered a surge of 16 paise over its previous close.

The rupee went up by 23 paise and closed at 81.70 against the US dollar, on 24 November.

According to experts, the American currency has softened from its elevated levels considering Federal Open Market Committee (FOMC) minutes.

The dollar index, went 0.23 per cent down to 105.82. It measures the greenback’s strength against a basket of six currencies.

Apart from this development, investors’ sentiment is also aided by steady crude oil price.

The global oil benchmark, Brent crude futures too grew 0.20 per cent to USD 85.51 per barrel.

The 30-share BSE Sensex was traded at 39.89 points or 0.06 per cent lower at 62,232.79. On similar lines, the broader NSE Nifty fell 12.65 points or 0.07 per cent to 18,471.45, in the domestic equity market.

Foreign Institutional Investors (FIIs) purchased shares worth Rs 1,231.98 crore, which made them net buyers in the capital markets on 24 November, according to exchange data.

rupee

Rupee Strengthens 26 Paise To 81.67 Against Dollar

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The domestic unit opened at 81.72 against the dollar, at the interbank foreign exchange. The rupee showed strength in offshore trading on broad-based dollar weakness. The Brent crude futures, which is the global oil benchmark went 0.21 per cent down to USD 85.23 per barrel

The rupee surged 26 paise to 81.67 against the US dollar during early trade on 24 November. as the American currency softens from its elevated levels.

The domestic unit opened at 81.72 against the dollar, at the interbank foreign exchange. Later, it gained ground to touch 81.67 and registered a rise of 26 paise in its previous close.

The rupee showed strength in offshore trading on broad-based dollar weakness. Expectedly it will trade in a range of 81.55-81.85 with sideways price action, according to a media report.

The dollar index went 0.41 per cent down to 105.63, post the weak US data and dovish Fed minutes. It measures the greenback’s strength against a basket of six currencies.

The Brent crude futures, which is the global oil benchmark went 0.21 per cent down to USD 85.23 per barrel.

The 30-share BSE Sensex traded 180.14 points or 0.29 per cent higher at 61,690.72. On the similar lines, the broader NSE Nifty went up 66.50 points or 0.36 per cent to 18,333.75, in the domestic equity market.

The Foreign Institutional Investors (FIIs) sold shares worth Rs 789.86 crore which made them the net sellers in the capital markets, according to exchange data release on 23 November.

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Rupee 14 Paise Down To 81.81 Against USD

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The rupee went up by 12 paise and closed at 81.67 against the dollar, on 22 November. The global oil benchmark, Brent crude futures too went down 0.08 per cent to USD 88.29 per barrel

The Indian rupee fell 14 paise to 81.81 against the US dollar during early trade on 23 November. This came after American currency showed strong position and sustained foreign fund outflows.

The domestic unit started at 81.81 against the dollar. It had registered a loss of 14 paise during its previous close, at the interbank foreign exchange.

The rupee went up by 12 paise and closed at 81.67 against the dollar, on 22 November.

At the same time, the dollar index fell 0.06 per cent to 107.16, The index measures the greenback’s strength against a basket of six currencies.

The global oil benchmark, Brent crude futures too went down 0.08 per cent to USD 88.29 per barrel.

Experts believe that the rupee may witness sideways action amid 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.

The 30-share BSE Sensex traded at 84.13 points or 0.14 per cent up at 61,503.09. At the same time, broader NSE Nifty was higher by 33.30 points or 0.18 per cent at 18,277.50, in the domestic equity market

Foreign Institutional Investors (FIIs) sold shares worth Rs 697.83 crore, resulting in being the net sellers in the capital markets on 22 November, revealed the exchange data.

rupee

Rupee 12 Paise Down To 81.86 Against US Dollar During Early Trade

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The domestic unit depreciated by 10 paise to closing at 81.74 against the US currency, on 18 November. At the same time, the dollar index moved 0.25 per cent up to 107.19. It measures the greenback’s strength against a basket of six currencies

The rupee got depreciated 12 paise to 81.86 against the US dollar during early trade on 21 November. This is followed by the strength of American currency in the overseas market and lowered trend in domestic equities.

The India rupee opened at 81.84 against the dollar, however later went down at 81.86. It registered a loss of 12 paise during its previous close, at the interbank foreign exchange.

The domestic unit depreciated by 10 paise to closing at 81.74 against the US currency, on 18 November.

At the same time, the dollar index moved 0.25 per cent up to 107.19. It measures the greenback’s strength against a basket of six currencies.

According to analysts, the rupee started on a weaker note on 21 November. as the dollar showed a continued growth amid hawkish Fed rhetoric.

The losses maybe be capped due to weaker crude oil prices however, Asian and emerging market players were seen weak on 21 November and will weigh on the local unit.

The global oil benchmark, Brent crude futures too fell 1.08 per cent to USD 86.67 per barrel.

The 30-share BSE Sensex was traded 468.58 points or 0.76 per cent down at 61,194.90 and the broader NSE Nifty was traded lower by 146.20 points or 0.80 per cent at 18,161.45, in the domestic equity market.

The Foreign Institutional Investors (FIIs) offloaded shares worth Rs 751.20 crore on 18 November, which made them net sellers in capital markets, informed an exchange data.

Meanwhile, the India’s foreign exchange reserves went up by USD 14.72 billion reaching USD 544.72 billion for the week to 11 November. This made it the steepest accretion ever since August 2021.

rupee

Indian Importers Should Use Rupee’s Recovery To Provision Liabilities: Analysts

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The rupee went up at 82.3250 per U.S. dollar as compared to 82.7250 in the previous session and from being the record low by reaching 83.29 last week. It had opened at 82.15. India’s high trade deficit, oil prices threat and capital flow challenges conclude that the outlook for the rupee still remains weak, said analyst. The expectations of U.S. Federal Reserve to deliver comparatively smaller rate hikes post November contributed towards rupee’s recovery from record lows

Analysts said that Indian importers should take benefit of rupee recovery against the dollar in order to provision their liabilities due this year, reported a median house in on 27 October.

The rupee went up at 82.3250 per U.S. dollar as compared to 82.7250 in the previous session and from being the record low by reaching 83.29 last week. It had opened at 82.15.

It may be favourable for importers to use this dip (in USD/INR pair) and hike the proportion of their hedges according to a banking analyst.

An advice to at least record a major portion of the liabilities due till December was given by the analyst.

India’s high trade deficit, oil prices threat and capital flow challenges conclude that the outlook for the rupee still remains weak, he added in the report.

The expectations of U.S. Federal Reserve to deliver comparatively smaller rate hikes post November contributed towards rupee’s recovery from record lows.

However, the situation still remains unclear as the Fed may increase rates by 75 bps in coming week. The next two inflation readings will decide whether the U.S. central bank goes for a smaller rate hike in December or not, as per the analyst.

For the rupee to recover, there still remains enough uncertainty on the Fed side, the analyst added.

rupee

US Dollars, Indian Rupee To Trade In 79-81 Range In Near Term: Report

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The bank in a report said that the Indian rupee opened last week on a positive footing led by softness in the US dollar ahead of the CPI inflation and weaker crude oil prices

The Kotak Mahindra Bank on Monday said that US dollars and the Indian rupee will trade between the 79 to 81 range in the near term as markets continue to reassess the impact of slowing demand and elevated inflation.

The bank in a report said that the Indian rupee opened last week on a positive footing led by softness in the US dollar ahead of the CPI inflation and weaker crude oil prices. 

However, higher than expected US CPI inflation reading prompted a resurgence in the greenback as markets reversed the probability of a softer stance by the Federal Open Market Committee (FOMC). 

The emerging market currencies further came under pressure amidst risk-off as International Monetary Fund (IMF) and World Bank flagged an increasing risk of recession causing a sharp global equity sell-off. 

“Following recent trends, RBI’s intervention seemed to have again capped the fall of Indian rupee to above 80 levels. The Indian rupee closed the week 0.2 per cent weaker at 79.75,” the report stated 

In July, the RBI purchased USD 19.7 billion and sold USD 38.8 billion in spot FX markets amounting to a net dollar sale of USD 19 billion. 

RBI’s net long forward position was at USD 22 billion in July with a net short position of USD 11.9 billion in the up to the one-month bucket and net long positions of USD 10.3 billion in 1-3 months bucket, USD 13.5 billion in the 3-12 months bucket, and USD 10.1 bn in the more than 1-year bucket.

Additionally, FX reserves for the week ending September 9 fell by USD 2.2 billion to USD 550.9 billion. Till date in FY2023, FX reserves have fallen by USD 55.6 billion, as per the bank.

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Rupee Falls 12 Paise against US Dollar

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The Indian currency began at 79.80 versus the US dollar in the interbank foreign currency market, then slid to 79.90, a loss of 12 paise from its previous finish

The rupee slumped 12 paise to 79.90 versus the US dollar in early trade on Tuesday, pressured down by the strength of the US currency in the offshore market.

The Indian currency began at 79.80 versus the US dollar in the interbank foreign currency market, then slid to 79.90, a loss of 12 paise from its previous finish. The rupee rose 9 paise versus the dollar on Monday, closing at 79.78.

Meanwhile, the dollar index, which measures the strength of the US currency against a basket of six currencies, increased 0.08 percent to 109.62.

The dollar index dipped marginally from 110 level as the rupee started trading at 79.80. While, Brent crude futures, the international benchmark for crude oil, dropped 0.80 percent to USD 94.97 a barrel.

The 30-share BSE Sensex was trading 12.49 points, or 0.02 percent, higher at 59,258.47, while the wider NSE Nifty was up 7.80 points, or 0.04 percent, at 17,673.60.

According to exchange statistics, foreign institutional investors were net sellers in the capital market on Monday, offloading shares worth Rs 811.75 crore.

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Indian Rupee Settles 10 Paise Down At 79.94 Against US Dollar

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The nearby unit at last settled at 79.94 a dollar, down 10 paise over its past close of 79.84

In the wake of hitting all-time low, the Indian rupee recuperated a portion of its losses to settle 10 paise down at 79.94 against the US dollar on Monday, following the strength of the American currency and firm crude oil rates. At the interbank foreign exchange market, the local currency opened at 80.10 and tumbled to its low of 80.15 against the US dollar in intra-day exchange.

The nearby unit at last settled at 79.94 a dollar, down 10 paise over its past close of 79.84. On July 20, the rupee interestingly shut beneath the 80-mark at 80.05 against the American money. In the mean time, the dollar record, which measures the greenback’s solidarity against a crate of six monetary standards, was exchanging 0.28 per cent higher at 109.10, after Federal Reserve Chair Jerome Powell embraced a hawkish tone to fight expansion. Global markets fell forcefully by more than 2 per cent in the midst of a hawkish discourse by US Fed Chair Jerome Powell. Brent crude futures, the worldwide oil benchmark, rose by 0.64 per cent to USD 101.64 per barrel.

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