Tag: currencies

Rupee trades lower against greenback

06/04/2017 12:17

The Indian rupee slipped against its US counterpart on Thursday amid fund outflows by foreign funds and importers due to fresh demand for the American currency. Adding to it, weakness in global equity market also weighed on home currency movement.

At the Interbank Foreign Exchange Market, the local currency was trading down by 05 paise to 65.14 per dollar from a previous close of 65.09 per dollar at 12:28 hour.

The caution prevailed in the market ahead of the Reserve Bank of India’s bi-monthly monetary policy review later today, while experts expect no change in rates, but outlook for the next one year, including NPA resolution and liquidity management, would be key to watch for.

Meanwhile, the BSE SENSEX was at 29877.37, down by 96.87 points or by 0.32 per cent, and the NSE Nifty was at 9238.5, down by 26.65 points or by 0.29 per cent.

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Rupee trades marginally up against US dollar

19/12/2016 11:20

The Indian rupee rebounded against the US dollar after making a weak start at the Interbank Foreign Exchange on Monday amid fresh selling of dollars by banks and exporters.

According to Angel Broking, the local currency strengthened against the US counterpart as surge in as recent weakness in the home currency prompted the exporters, banks and traders to book profits.

At the Interbank Foreign Exchange Market, the local currency was trading up by 03 paise to 67.76 per dollar from a previous close of 67.79 per dollar at 11:25 hours. The Indian currency opened at 67.83, down 04 paise against the US dollar.

The home currency tumbled 40 paise against the US dollar on Thursday after the US Federal Reserve raised interest rates for the first time this year by 25 basis points to between 0.50 per cent and 0.75 per cent and also hinted of a brisker pace of rate rises in 2017.

RBI issues new series of Rs 500, Rs 2,000 currency notes

RBI issues new series of Rs 500, Rs 2,000 currency notes

09/11/2016 11:12

Following the Prime Minister Narendra Modi’s announcement about the demonetisation of high value notes, the Reserve Bank has issued new series of notes for the Rs 500 and Rs 2,000 denomination with improved features and newer sizes.

The Rs 2,000 note, which is a first under the denomination, will be called the ‘Mahatma Gandhi (New) Series’ and has the motif of the low-cost mission to Mars, the Mangalayan, on the reverse, the RBI said.

The base colour of the note will be magenta and the size of the note will be 66 mm by 166 mm, it said.

The new design in the Rs 500 denomination will be in a different colour, size, theme, design and location of security features, it said.

The note, measuring 63 mm by 150 mm will be in a new colour — stone grey and the predominant theme will be Delhi’s Red Fort, it said.

Both the new designs, Rs 500 and Rs 2,000, will be very friendly towards the visually-impaired by having features which make it accessible for all sections.

Earlier, Governor Urjit Patel said that the central bank has ramped up production of the new series of notes under the newer series.

The RBI has also started a helpline number for the citizens who may face any difficulties, economic affairs secretary Shaktikanta Das said.

Citizens can reach out to the RBI on 022-22602201 022-22602944 starting today for any doubts and clarifications, he said.

RBI sets rupee reference rate at 66.7073 against US dollar

08/11/2016 16:14

The Reserve Bank of India today fixed the reference rate of the rupee at 66.7073 against the US dollar and 73.6515 for the euro.

The corresponding rates were 66.7301 and 73.8435, on Monday.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 82.7104 and 63.91 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quotes at noon.

The SDR-rupee figure will be based on this rate, the statement added.

RBI sets rupee reference rate at 66.8481 against US dollar

14/10/2016 13:34

The Reserve Bank of India today fixed the reference rate of the rupee at 66.8481 against the US dollar and 73.6867 for the euro.

The corresponding rates were 66.8473 and 73.6657, respectively yesterday.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 81.4811 and 64.23 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quotes at noon.

The SDR-rupee figure will be based on this rate, the statement added.

Rupee trading weak at 67.15 against US dollar

21/09/2016 11:49

The Indian rupee was trading lower against its US counterpart on Wednesday amid demand for the dollar from banks and importers, tracking weakness across global markets as traders worldwide stick to a cautious approach ahead of the outcome of key central bank meetings in Japan and the US.

At the Interbank Foreign Exchange Market, the partially convertible currency fell 3 paise at 67.15 per dollar from a previous close of 67.12 per dollar.

However, strong trading in domestic equity market capped downtrend of local currency.

RBI sets rupee reference rate at 67.1320 against dollar

24/08/2016 14:37

The Reserve Bank of IndiaReserve Bank of India today fixed the reference rate of the rupee at 67.1320 against the US dollar and 75.8055 for the euro.

These rates were at 67.0885 and 76.0381 respectively, yesterday, RBI said in a notification.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were quoted at 88.3860 and 66.90 per 100 yens respectively, based on reference rates for the dollar and cross-currency quotes at noon.

The SDR-rupee figure will be based on this rate, the statement added.

RBI sets rupee reference rate at 67.1720 against dollar

RBI sets rupee reference rate at 67.1720 against dollar

20/07/2016 14:45

The Reserve Bank of India today fixed the reference rate of the rupee at 67.1720 against the US dollar and 73.9900 for the euro.

These rates were at 67.1462 and 74.3443 respectively, yesterday, RBI said in a notification.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were quoted at 88.0423 and 63.23 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quotes at noon.

The SDR-rupee figure will be based on this rate, the statement added.

Dollar Improves and Euro Stocks Regain Lost Footing

Picture of dollar and euro currencies
Dollar Improves and Euro Stocks Regain Lost Footing

On Monday, 21 September 2015, European and U.S. stocks have recovered some of the losses that they incurred the previous week thanks to inaction on the part of the Federal Reserve. At the same time, the dollar made an improvement along with a rebound from oil prices.

There was a moderate risk-on mood on the government bonds in Europe as well as USA. Gold, on the other hand, ended its three day run of gains.

The Conditions in the Various Stock Markets

In New York, there was a rise of 0.5% in the S&P 500 equity index culminating in 1967 that brings it near to 1995, the mark at which the preceding Wednesday’s market closed. The following day, the Federal Reserve scared the global markets with its cautious comments on the global economy health.

There was a decrease by 75 in the CBOE volatility index in late trade. However, it has still somehow managed to hold on to the long-term average of 20. This level is currently being viewed as a signal of the increased pressure on Wall Street.

The Condition in Europe

In Europe, an increase of 1% was noticed in FTSE Eurofirst after it had seen a decrease of 1.9% on Friday, 18 September 2015. On the other hand, in Franfurt, the Xetra Dax fell behind with only a 0.3% increase. However, this has been primarily due to the 18% fall for Volkswagen shares. The dip came after the carmaker had admitted that the company had emissions tests rigged in the US.

The mood in Europe was improved somewhat after the Shanghai Composite index made a late rally. The Shanghai Composite index closed 1.9% higher which was the second consecutive gain for the index.

The news in Greece was not very good as stocks fell by 0.6%. This came after the Syriza Party, led by Alexis Tsipras, won an emphatic victory in the Greek general election. The performance of the bond market was better as the yield on Greek debt fell 50 basis points and reached 10.31% as per reports from Bloomberg. The Greek debt is due in July 2017.

However, analysts have mentioned that the election result is most likely not going to have a significant impact on the euro. This is due to the resilience of the euro to the uncertainty that hung over Greece this summer. Morover, it was Alexis Syriza who had helped Greece with the most recent bailout program.

According to Chris Turner, the head of foreign exchange strategy of ING, the euro is more likely to be influenced by the different speakers of European Central Bank. This comment was amply backed up by the chief economist of the ECB, Peter Praet who stated that the bank was ready to change its quantitative easing program if economic turbulence brought about the need for fresh action.

The Currency

The prospect of an increased policy divergence between the US and the eurozone was responsible for a decrease of 1% of euro against the dollar which was brought down to $1.1194. That, in turn, improved the dollar index by 1.1% to 95.86.