Tag: Currency

RBI sets rupee reference rate at 66.8294 against US dollar

02/11/2016 15:31

The Reserve Bank of India today fixed the reference rate of the rupee at 66.8294 against the US dollar and 73.9534 for the euro.

The corresponding rates were 66.7140 and 73.1786, respectively, yesterday.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 81.8861 and 64.37 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.

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Rupee trades flat against greenback

04/10/2016 12:51

The Indian rupee were trading flat, paring early gains, against its US counterpart on Tuesday as traders remained jittery ahead of outcome of RBI monetary policy review which will be the first one for new governor Urjit Patel.

At the Interbank Foreign Exchange Market, the local currency was trading flat at USD 66.81 per dollar as compared to previous closing price of 66.81 per dollar.

Traders are hoping that the newly constituted Monetary Policy Committee (MPC) headed by Patel may cut interest rates by 25 bps amid the recent dip in consumer inflation.

Rupee edges up 4 paise to 67.22 against US dollar

01/09/2016 12:44

The Indian rupee rebounded against its US counterpart after initial hiccups on Wednesday on fresh selling of the dollar by banks and exporters and sustained FII inflows. At the Interbank Foreign Exchange Market, the partially convertible currency was up by 4 paise to 67.22 per dollar from its previous close of 67.2650 per dollar.

The local currency was also supported by rebound in equity market as optimism over the health of the US economy amid robust consumer spending data bolstered risk taking appetite. However, growing expectations of a Federal Reserve interest rate hike in September may keep the rupee’s gains in check as Fed Chair Janet Yellen signaled that the case for policy tightening had strengthened.

RBI sets rupee reference rate at 66.9296 against dollar

RBI sets rupee reference rate at 66.9296 against dollar

19/08/2016 15:18

The Reserve Bank of India today fixed the reference rate of the rupee at 66.9296 against the US dollar and 75.87 for the euro.

These rates were at 66.79 and 75.57, respectively, on Aug 18.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were quoted at 87.9723 and 66.82 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.

Copper surges as dollar weakens

Copper surges as dollar weakens

14/06/2016 09:06

Copper futures closed higher in the international market on Monday boosted by the dollar’s softer tone due to expectations the U.S. Fed will keep rates on hold this week, though weak investment data from top consumer China was expected to limit gains.

News that the U.S. economy created the fewest number of jobs in May for any month since September 2010 has led the market to think the U.S. central bank will not raise interest rates this week, which has weighed on the dollar.

When the U.S. currency falls it makes dollar-denominated commodities such as copper cheaper for non-U.S. firms.

Copper lowers on strong dollar

Copper lowers on strong dollar

13/06/2016 09:05

Copper futures closed lower in the international market on Friday as headwinds from a mid-term U.S. rate hike that have boosted the dollar added to pressure from tepid physical demand in top user China.

The dollar was bolstered by an unexpected drop in domestic jobless claims last week calming some worries about U.S. economic growth decelerating in the second quarter. A higher U.S. currency makes dollar-denominated commodities more expensive for non-U.S. firms, meaning they will buy less.

Indian rupee drops 3 paise at 66.95 on increased dollar demand

Indian rupee drops 3 paise at 66.95 on increased dollar demand

10/06/2016 12:19

The Indian rupee was trading lower against its US counterpart in early deal on Friday, extending losses for second session, due to sustained demand for the American currency from banks and importers. Sentiment weakened further after a local-language newspaper reported that central bank Governor Raghuram Rajan doesn’t want an extension of his term, though Prime Minister Narendra Modi wants him to stay on. However, a higher opening at the domestic equity market capped losses in the local unit.

At MCXSX, USDINR for June 2016 contract traded at Rs. 66.9550 per dollar, rupee depreciated by 0.03 paise, after opening at Rs. 66.9900 against the previous closing price of Rs. 66.9250. Rupee declined to intra-day low of Rs. 67.0450 per dollar with a business volume of 95,887 till the trading. (At 12.15 PM today).

The focus of investors now turns to Friday’s industrial output data for April 2016 which may offer further cues over the health of the country’s economy. In March 2016, India’s industrial output climbed a miniscule 0.1 per cent, year on year. Analysts expect industrial production to have contracted 0.6 per cent, year on year in April 2016.

Indian Rupee strengthens against US dollar

08/06/2016 14:08

The Indian rupee registered a fifth straight advance against its US counterpart on Wednesday, amid sustained dollar selling by banks and exporters, robust foreign fund inflows and strong trade in the domestic equity market.

At MCXSX, USDINR for June 2016 contract traded at Rs. 66.89 per dollar, rupee appreciated by 0.08 paise, after opening at Rs. 66.9700 against the previous closing price of Rs. 66.9750. Rupee rose to Rs. 66.8575 per dollar with a business volume of Rs 1,120.58 crore till the trading. (At 2.00 PM today).

The rupee strengthened even as the Reserve Bank of India (RBI) held off from cutting interest rates while warning of upside risks to inflation and maintaining the country’s GDP growth forecast for FY 2016-17 at 7.6 per cent. The central bank kept the repo rate unchanged at 6.5 per cent after cutting it by 25 basis points in its April meeting, taking the total reduction over the past 18 months to 150 basis points.

Globally, the greenback edged higher but languished near four-week lows against a basket of key currencies as investors weighed comments from Fed Chair Janet Yellen who reiterated the case for a gradual rise in interest rates but remained coy over the exact timing of the next rate hike.

BSE to launch mechanism for trade reversal in currency derivatives

BSE to launch mechanism for trade reversal in currency derivatives

17/05/2016 13:11

In a bid to ensure safety of the securities markets, top stock exchange BSE will introduce a mechanism for prevention of reversal trades in currency derivatives segment from June 6.

The exchange has already implemented this measure in the equity derivatives segment from March.

The new mechanism is aimed at preventing potential cases of trade reversal taking place on the exchange’s trading platform which may have been undertaken for the purposes of tax evasion.

In a circular, BSE said it plans to implement the new mechanism in “currency derivatives segment with effect from Monday, June 6, 2016.”

Besides, a mock trading is scheduled for June 4 to enable the trading members conduct necessary testing of their trading applications for this check.

Reversal of trade implies that for a buy transaction initially entered into by a broker for a particular client for a specific quantity, there is a corresponding sale transaction which takes place during the day for the same quantity between the same set of broker/clients and vice-versa.

Earlier, BSE had implemented self-trade prevention check functionality and periodic price bands to curb manipulation in the capital markets.

RBI sets rupee reference rate at 66.5040 against US dollar

21/03/2016 14:56

The Reserve Bank of India today fixed the reference rate of the rupee at 66.5040 against the US dollar and 74.9168 for the euro.

These rates were 66.6088 and 75.3012, respectively, on March 18, 2016.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were quoted at 95.8722 and 59.66 per 100 yens, respectively.

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